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1、WDomesticChangesataGlance:·U.S.CensusBureautradedatathroughAprilindicateabriskpaceofoldcropshipmentsinthefourthquarterandsupporta25-million-bushelincreaseinthe2018/19exports.oEstimatedtotalexportsforthefourthquarterorthe2018/19marketingyearexceededexpectation
2、sastheU.S.wasabletocapitalizeonreducedexportablesuppliesfromtheBlackSearegionandmorecompetitiveexportprices.·Largerbackyearexportsservetolower2018/19endingstocksandcarryinforthe2019/20marketingyear.Reducedcarryinfor2019/20isoffsetslightlygrowthinprojectedwhea
3、tproduction.·Winterwheatproductionfor2019/20israised6millionbushelsthismonthto1,274.5milliononincreasedyields.oUSDA,NationalAgriculturalStatisticsService(NASS)liftedhardredwinter(HRW)wheatproductionbymorethan14millionbushelsfromthepreviousforecast,morethanoff
4、setinglowerprojectedproductionforsoftredwinter(SRW),down6.3million,andwhitewinterwheat(down1.8million).·OtherspringwheatproductionisunchangedfromtheMayforecastandwillbere-evaluatedfollowingtheendofJunereleaseoftheAcreagereport.·Forecastdurumproductionfor2019/
5、20iscutslightly,down194,000bushelsfromthepreviousprojectiononreduceddesertdurumproductionreportedbyNASSforArizona.·Carryinisreducedbymorethanproductionisincreased,resultinginanet19.2millionbushelreductioninsupplies,relativetotheMayprojection.·Totaluseforthene
6、wmarketingyearisraised50millionbushelsthismonthonasignificantexpansionofprojectedfeedandresidualuse.oWheatfeedandresidualusefor2019/20israisedonsharpdeclinesforbothcornproductionandcornfeedandresidual,whichinturnsupportsa50-centincreaseintheforecastseasonaver
7、agecornprice.·Thetighterwheatbalancesheetfor2019/20andasignificantincreaseinthecornpricecombinetolifttheall-wheatseasonaveragefarmpriceby40centsthismonthto$5.10perbushel.Table1-U.S.wheatsupplyandutilizationataglance,2018/19and2019/20Balancesheetitem2018/19Jun
8、e2019/20May2019/20JuneChangefrompreviousmonthCommentsSupply,totalMillionbushelsMay-JuneMarketingYear(MY)Beginningstocks1,098.91,126.81,101.8-25.0Carryinfrom2018/19isloweronincreasedoldcro
