U.S. wheat exports are lowered 50 million bushels to a new record low of 850 million based on the slow pace of sales to date and relatively high prices for domestic wheat. Ending stocks for 2015/16 are lowered 14 million bushels as an 84 million bushels production decline is more than offset by a decline in total use. Feed and residual use is lowered 20 million bushels after the September 30 Grain Stocks report indicated lower than expected June-August disappearance.
Higher projected foreign 2015/16 wheat production for major exporters and larger beginning stocks boost world wheat supplies. With projected use unchanged, the already record-level ending stocks are increased further. Global wheat trade is projected higher, and exports are expected to rise for Ukraine, Canada, Australia, European Union (EU), Russia, and Kazakhstan. The United States remains priced out of most global wheat trade, with a further decline in its wheat export prospects.
(Source – http://www.farms.com/news/u-s-wheat-exports-plunge-foreign-production-expands-further-99429.aspx)