Total U.S. wheat production is projected by USDA at 2 billion bushels, down 19 percent from last year.

In its May 12 World Agricultural Supply and Demand Estimates, USDA projects the season- average farm price for all wheat is projected at $4.70 to $5.70 per bushel, well below the record $6.85 for 2008-09.

Global wheat production for 2009-10 is projected at 657.6 million tons, down 4 percent from last year’s record, but still the second largest if realized. Global stocks are projected at 181.9 million tons, up 9 percent from 2008-09 and the highest in 8 years.

Cottonseed production is also projected higher, while peanuts, sunflowerseed, and canola production are projected down.