WHEAT OUTLOOK July 13, 1995 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- WHEAT OUTLOOK is published monthly (except January) by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. WHS-0795. ----------------------------------------------------------------------------- Recent Developments HIGHLIGHTS -- U.S. wheat production forecast down. -- High U.S. prices and limited supplies reduce export prospects. -- 1995/96 ending stocks projected lowest since 1973/74. -- 1995/96 world wheat production and trade lowered. -- Tight supply and demand balances for all classes of wheat. U.S. WHEAT PRODUCTION FORECAST DOWN The U.S. wheat production forecast in July was 2,188 million bushels, down 3 percent from the June projection, and down 6 percent from 1994. Area planted, area harvested and average yields are expected to fall for the third straight year. The survey based spring wheat (including durum) production is forecast at 656 million bushels, almost the same as the June projection of 652 million, which used average yields. Planting was delayed in the Northern Plains, and especially in South Dakota, where some area did not get seeded or was planted to a different crop. The durum yield is forecast at 35 bushels per acre, down 0.5 bushels per acre from last year. However, the other spring wheat yield is forecast up 1.4 bushels per acre from last year to 33.2 bushels per acre. Hard red spring (HRS) production is down 4 percent because of lower area. White spring wheat production is expected rise 11 percent to 52 million bushels. Winter wheat production is forecast at 1.53 billion bushels, down 5 percent from last month, and down 8 percent from 1994. Harvested area is almost the same as a year ago, but winter wheat yields are forecast down. Most of the drop is in hard red winter wheat. Large month-to-month yield declines were posted in Kansas and Oklahoma, where freeze damage, disease problems (notably rust) and weather damage to ripe wheat, limited grain yields. Soft red winter (SRW) wheat production is forecast down 3 percent from June, because yield declines in Missouri and Illinois more than offset increases in Arkansas. Rains at harvest have reportedly encouraged disease and reduced yields. SRW production this year is now forecast almost unchanged from last year. White wheat production is forecast to reach 303 million bushels, the same as in 1994. Increased white spring wheat production is expected to offset a lower white winter crop. However, the white winter production forecast was increased from last month. Although winter wheat in Washington and Oregon got off to a shaky start, with drought limiting plantings and emergence, favorable conditions in spring and early summer have helped wheat fill nicely, boosting yield prospects. REDUCED U.S. WHEAT SUPPLIES DROP EXPORT PROJECTION, NOT DOMESTIC USE Wheat supplies are projected to be less than 2.8 billion bushels, the lowest since 1989/90. Almost the entire change from last month is caused by reduced production. Reported beginning stocks, at 510 million bushels, were nearly identical to the June forecast, and the import projection remains unchanged. Domestic use in 1995/96 is projected up slightly from last month because of increased seed use. A portion of the hard red spring wheat and durum area planted for harvest in 1995 did not get planted until after June 1, 1995, so instead of being included in seed use for 1994/95, it becomes part of seed use in 1995/96. The U.S. food use projection did not change despite increased prices, because wheat makes up only a small proportion of the price of the consumer product and consumer demand historically has not been price responsive. The feed and residual projection remains unchanged from June at 250 million bushels, but is down 23 percent from the preliminary 1994/95 feed and residual use. Although higher wheat prices would suggest lower feed and residual use of wheat, limited supplies and higher prices of feed grains could encourage feeding of low quality wheat. U.S. exports are projected at 1.15 billion bushels, down 50 million from the June forecast. Increased prices and limited supplies of U.S. wheat are expected to reduce exports. Some importers have limited funds for wheat imports, and when prices increase, their imports are reduced. Importers that depend on food aid are especially caught in a bind. Since the food aid is budgeted in dollars, as prices increase the actual volume that can be shipped, drops. U.S. wheat exports in 1995/96 will be limited by reduced supplies and the inability of the export market to bid the wheat away from domestic use. U.S. ENDING STOCKS LOWEST SINCE 1973/74 U.S. ending stocks are projected at 428 million bushels, near minimal levels. The food security wheat reserve accounts for 142 million bushels, leaving only 286 million of privately owned stocks. Mills that use spring wheat need to have June 1 stocks sufficient to cover use during June, July, August, and with the late plantings this year, part of September, until the spring wheat crop is harvested. Other users do not need June 1 stocks to cover as long a time period, but do need to maintain some "pipeline" stocks to avoid disruptions. Unless the food security wheat reserve is accessed, it is unlikely that 1995/96 ending stocks can be much lower than currently projected. The U.S. ending-stocks-to-use ratio is projected to be only 18.1 percent, down from 20.7 percent for 1994/95, and the tightest since 1973/74, when record wheat prices were posted. As importers have realized that there may not be enough wheat in exporting countries to meet their normal requirements, prices have increased. Falling EEP bonuses in June and early July have boosted importers' prices even more than in the domestic market. The average wheat farm price in 1995/96 is projected at $3.65-$4.05 per bushel, compared to $3.45 in 1994/95. Price premiums for good quality wheat are likely to be higher than usual in 1995/96, so futures market prices and wholesale price quotes based on good quality wheat are likely to run significantly higher than average farm prices. 1995/96 WORLD WHEAT PRODUCTION AND TRADE LOWERED FOR JULY The USDA global wheat production estimate for 1995/96 was reduced for July to 545 million tons, the result of projected declines in China, Russia, Canada, Brazil, and Saudi Arabia. China's wheat production was reduced 2 million tons from last month, to 100 million tons because drought conditions in northwest China have lowered spring wheat yields. Russia's 1995/96 wheat production forecast was decreased 0.5 million tons to 35.5 million. The wheat production estimate for Canada declined by 1 million tons, to 23.5 million tons, as dry conditions in portions of all three Prairie Provinces have diminished expected yields. As a consequence of reduced wheat supplies and higher prices, the 1995/96 world wheat trade forecast was lowered to 97.2 million tons, with reduced imports from South Korea, the Philippines, and Mexico. Imports were also lowered for Eastern Europe and the Republic of Uzbekistan as estimated production increases in Romania, Bulgaria, and Uzbekistan resulted from improved yield prospects. Because of declines in production for July, 1995/96 wheat export projections for the U.S. and Canada were lowered. Exports for Saudi Arabia are down because the government has indicated it no longer will subsidize wheat exports. USDA recently announced Export Enhancement Program (EEP) allocations for 24 countries and regions for sales of 6.71 million tons of U.S. wheat, for the first 3 months of the 1995/96 (July/June) crop year. China, Egypt, the Philippines, Pakistan, and Northern Africa have received the largest EEP allocations under this interim program, which will expire September 30. The 3- month interim EEP is intended to provide the Clinton administration additional time to redesign EEP to make it more cost-effective and market responsive while meeting the GATT Uruguay Round Agreement reduction commitments on subsidized agricultural exports. TIGHT SUPPLY AND DEMAND BALANCES FOR ALL CLASSES OF WHEAT Total supplies of HRW are forecast at 1.04 billion bushels, down 14 percent from 1994/95, as beginning stocks and production are down 162 million bushels. Sharply tighter supplies will reduce both domestic and export disappearance. As harvest progresses, concern about crop quality is becoming more important. Although total wheat food disappearance is forecast to grow to 865 million bushels, up 10 million, HRW food use will likely decline. Feed and residual disappearance will likely be down from 1994/95, as quantity available for feed is limited by the reduced crop. Ending stocks are forecast at 165 million bushels. Hard red spring wheat supplies are forecast down 16 million bushels to 749 million. Lower production, down by 21 million bushels as a smaller acreage more than offsets higher yields, will more than offset higher imports. Imports are forecast at 60 million bushels, up 11 million. The tightness in the HRS scenario will likely increase as domestic use and exports are forecast up 19 and 10 million bushels, respectively. In addition to growth in food disappearance, seed use will increase because some of the 1995/96 crop was not planted until after the first of June. For 1995/96, the SRW supply and disappearance changes, from last year, the least of the five wheat classes. Although the crop is suffering from lower yields, increased acreage is maintaining production slightly above 1994/95. Total supplies of SRW are forecast at 474 million bushels, down 5 million, as lower beginning stocks more than offset increased production. Continued strong demand is pushing ending stocks to 34 million bushels, the lowest since 1989/90. White wheat production is forecast unchanged from 1994/95, as increased acreage is offset by slightly lower yields. Total supplies will be lower, however, as beginning stocks and imports are forecast down 13 million bushels. Exports are forecast down slightly to 210 million bushels. Ending stocks are projected at 50 million bushels, down 7 million. Durum production is forecast at 112 million bushels, up from 97 million last year and the highest since 122 million in 1990/91. The boost in forecast production is caused by a 17-percent increase in harvested acreage. Durum imports are forecast to increase to 25 million bushels, less than 2 million more than the previous 5-year average. With only modest growth in domestic disappearance and exports, projected ending stocks will nudge up 3 million bushels to 29 million, the first growth in ending stocks since 1990/91. 1994/95 REVISIONS INCLUDE DOMESTIC USE UP, EXPORTS DOWN June forecasts of 1994/95 U.S. wheat supply and demand, ending stocks, and prices have been generally confirmed by preliminary data. Adjustments in some use were necessary as seed and exports did not meet previous expectations, boosting feed and residual use. All wheat ending stocks as of June 1, 1995, were reported at 510 million bushels, down only 1 million from last month's forecast. However, domestic disappearance increased. In the fourth quarter of 1994/95, feed and residual disappearance totaled -48 million bushels, compared to -25 million in the fourth quarter of 1993/94. Estimated seed use dropped 9 million bushels, because much of the 1995/96 spring wheat crop was not planted until early June, and therefore counted in the June 1 stocks report. U.S. wheat exports reported by Census continue to lag reported inspections and export sales shipment data, reducing the 1994/95 export forecast to 1.200 billion bushels, down 15 million. Imports and exports of wheat and wheat products for May will be available in mid July and published in the August Wheat Outlook. **************************************************************************** * Information Contacts: * * Edward W. Allen (senior wheat analyst) (202) 219-0831 * * Bryan Just (domestic) (202) 501-8524 * * Mark Simone (international) (202) 219-0823 * * Carolyn Whitton (international) (202) 219-0825 * **************************************************************************** Table 1 -- Wheat: U.S. market year supply and disappearance Item |1990/91 1991/92 1992/93 1993/94 1994/95E 1995/96P -------------------|------------------------------------------------------ Area (mil. ac.) | ARP (%) | 5.0 15.0 5.0 0.0 0.0 0.0 Nat'l total base | 90.8 89.6 89.6 89.6 88.9 88.5 CRP base retired | 10.3 10.4 10.6 10.8 10.8 10.8 Effective base | 80.5 79.2 78.9 78.4 78.1 78.7 0,50/92/85 | 5.3 5.8 4.0 5.7 5.2 4.3 Planted | 77.0 69.9 72.2 72.2 70.4 69.4 Harvested | 69.1 57.8 62.8 62.7 61.8 61.0 Yield (bu/ac) | 39.5 34.3 39.3 38.2 37.6 35.9 | Supply (mil. bu.) | Beg. Stocks | 536.5 868.1 475.0 530.7 568.5 510.2 Production | 2,729.8 1,980.1 2,466.8 2,396.4 2,320.6 2,188.0 Imports 1/ | 36.4 40.7 70.0 108.8 90.0 100.0 TOTAL | 3,302.6 2,889.0 3,011.8 3,035.9 2,979.1 2,798.3 | Use | Food | 789.8 789.5 834.8 871.7 855.0 865.0 Seed | 92.9 97.7 99.1 96.3 89.6 105.0 Feed & Residual | 482.4 244.5 193.6 271.6 324.2 250.0 Exports 1/ | 1,069.5 1,282.3 1,353.6 1,227.8 1,200.0 1,150.0 TOTAL | 2,434.5 2,413.9 2,481.2 2,467.4 2,468.9 2,370.0 | Ending stocks | 868.1 475.0 530.7 568.5 510.2 428.3 Farmer-owned | reserve | 14.0 50.0 28.0 6.0 0.0 0.0 CCC inventory 2/ | 163.0 152.0 150.0 150.0 142.0 142.0 Free stocks | 691.1 273.0 352.7 412.5 368.2 286.3 | Stocks-to-use | 35.7 19.7 21.4 23.0 20.7 18.1 | Prices ($/bu.) | Season average | 2.61 3.00 3.24 3.26 3.45 3.65-4.05 Target price | 4.00 4.00 4.00 4.00 4.00 4.00 Loan rate | 1.95 2.04 2.21 2.45 2.58 2.58 deficiency | payment rate | 1.28 1.35 0.81 1.03 0.61 3/ | Deficiency pmts. | (mil. dollars) | 2,420 2,246 1,371 1,904 1,146 | Market value | of production | (mil. dollars) | 7,184 5,957 7,984 7,812 8,006 -------------------------------------------------------------------------- Totals may not add due to rounding. E--Estimated, P--Projected. 1/ Imports and exports include flour and other products expressed in wheat equivalent. 2/ From 1981 on, includes Food Security Reserve. 3/ Based on 5-month price + 10 cents. Table 2 -- Wheat supply and disappearance by class 1/ 1994/95E |HRW HRS SRW White Durum All Wheat ------------------|-------------------------------------------------- | Area: (mil. ac.) | Planted | 35.0 17.5 9.8 5.2 2.9 70.4 Harvested | 28.7 16.9 8.4 5.0 2.7 61.8 Yield (bu/ac) | 33.9 30.4 51.3 61.0 35.5 37.6 | | Supply: (mil. bu.)| Production | 971 515 433 303 97 2,321 Beg. stocks | 227 201 45 67 28 568 Imports 2/ | 4 49 0 15 22 90 TOTAL | 1,202 765 479 386 147 2,979 | Use: | Food | 360 203 150 67 75 855 Seed | 39 20 20 7 4 90 Residual | 188 47 57 30 2 324 Total domestic | 587 270 227 104 81 1,269 Exports 2/ | 420 300 215 225 40 1,200 TOTAL | 1,007 570 442 329 121 2,469 | Ending stocks | 195 195 37 57 26 510 1995/96P |HRW HRS SRW White Durum All Wheat ------------------|-------------------------------------------------- | Area: (mil. ac.) | Planted | 34.6 15.9 10.5 5.2 3.3 69.4 Harvested | 27.9 15.6 9.2 5.0 3.2 61.0 Yield (bu/ac) | 30.1 31.8 47.3 60.4 35.0 35.9 | | Supply: (mil. bu.)| Production | 841 494 437 303 112 2,188 Beg. stocks | 195 195 37 57 26 510 Imports 2/ | 3 60 0 12 25 100 TOTAL | 1,040 749 474 372 163 2,798 | Use: | Total domestic | 505 289 230 107 89 1,220 Exports 2/ | 370 310 210 215 45 1,150 TOTAL | 875 599 440 322 134 2,370 | Ending stocks | 165 150 34 50 29 428 --------------------------------------------------------------------- Totals may not add due to rounding. E--Estimated, P--Projected. 1/ ERS estimates of area, yield, and domestic use. Table 3 -- Wheat: Quarterly supply and disappearance (1,000 bu.) ----------|---------------------------------------------------------------- Market |Produc- Year | tion Imports Supply Food Seed Feed Exports E.stocks | 1/ 1/ ----------|---------------------------------------------------------------- | 1992/93: | Jun-Aug | 2,467 20 2,962 211 1 346 283 2,121 Sep-Nov | 0 16 2,137 219 63 (82) 345 1,592 Dec-Feb | 0 17 1,609 197 3 5 356 1,048 Mar-May | 0 16 1,064 208 32 (75) 370 531 Mkt. year| 2,467 70 3,012 835 99 194 1,354 531 | 1993/94E | Jun-Aug | 2,396 15 2,942 211 1 296 301 2,133 Sep-Nov | 0 30 2,163 225 61 (38) 329 1,586 Dec-Feb | 0 27 1,613 211 2 39 332 1,028 Mar-May | 0 37 1,065 224 32 (25) 266 568 Mkt. year| 2,396 109 3,036 872 96 272 1,228 568 | 1994/95P | Jun-Aug | 2,321 31 2,920 213 2 376 260 2,069 Sep-Nov | 0 21 2,091 229 62 (29) 338 1,491 Dec-Feb | 0 18 1,509 201 2 26 310 969 Mar-May 2/| 0 20 989 211 24 (48) 292 510 Mkt. year| 2,321 90 2,979 855 90 324 1,200 510 --------------------------------------------------------------------------- Totals may not add due to rounding. E--Estimated, P--Projected. 1/ Imports and exports include flour and other products expressed in wheat equivalent. 2/ Based on market year forecast. Table 4 -- Wheat: Food disappearance (1,000 bu.) Jun-Apr Jun-Apr 1994 | Feb Mar Apr May 1994/95 1993/94 --------------|------------------------------------------------------------ Mill grind +| 65,143 76,820 66,485 74,535 796,611 808,058 Food exports -| 7,213 7,682 7,043 -- 56,681 45,337 Food imports +| 3,344 4,487 5,771 -- 19,176 15,596 Non-flour | food use +| 1,950 1,950 1,950 1,950 21,100 20,000 Food use | 63,224 75,575 67,163 780,205 798,317 --------------------------------------------------------------------------- Source: Department of Commerce, Bureau of Census. Wheat flour and products converted to wheat grain equivalent. Non-flour food use is ERS estimate. Table 5 -- Wheat: Farm prices and prices at selected markets ($/bu.) --------------------- Farm Prices ---------------------- All wheat Winter wheat Durum Other spring Month | 94/95 95/96 94/95 95/96 94/95 95/96 94/95 95/96 ------|----------------------------------------------------------------- Jun 1/| 3.21 3.85 | 3.09 3.78 | 4.59 5.05 | 3.51 3.78 Jul | 3.04 | 2.99 | 4.32 | 3.28 Aug | 3.25 | 3.23 | 4.30 | 3.19 Sep | 3.57 | 3.57 | 4.51 | 3.38 Oct | 3.76 | 3.79 | 4.89 | 3.52 Nov | 3.75 | 3.76 | 4.88 | 3.51 Dec | 3.74 | 3.75 | 4.67 | 3.56 Jan | 3.69 | 3.67 | 4.58 | 3.51 Feb | 3.61 | 3.61 | 4.68 | 3.40 Mar | 3.52 | 3.47 | 4.61 | 3.38 Apr | 3.49 | 3.45 | 4.48 | 3.34 May | 3.66 | 3.65 | 4.82 | 3.53 ------------------------------------------------------------------------ KC HRW #1 KC HRW #1 St. Louis Portland ordinary 13% prot. #2 SRW #1 soft white Month | 94/95 95/96 94/95 95/96 94/95 95/96 94/95 95/96 ------|----------------------------------------------------------------- Jun | 3.60 | 3.85 | 3.22 | 3.64 Jul | 3.48 | 3.63 | 3.11 | 3.52 Aug | 3.70 | 3.78 | 3.31 | 3.71 Sep | 4.05 | 4.12 | 3.69 | 4.32 Oct | 4.31 | 4.37 | 3.89 | 4.61 Nov | 4.24 | 4.31 | 3.84 | 4.54 Dec | 4.27 | 4.32 | 4.00 | 4.49 Jan | 4.06 | 4.07 | 3.83 | 4.33 Feb | 3.98 | 4.01 | 3.74 | 4.23 Mar | 3.87 | 3.91 | 3.59 | 3.98 Apr | 3.86 | 3.95 | 3.55 | 4.08 May | 4.22 | 4.35 | 3.62 | 4.45 ------------------------------------------------------------------------ Minn. Minn. FOB Gulf Average EEP DNS 14% durum $/ton (HRW) bonus $/ton 2/ Month | 94/95 95/96 94/95 95/96 94/95 95/96 94/95 95/96 ------|----------------------------------------------------------------- Jun | 4.20 | 5.76 | 139 | 43.28 Jul | 4.14 | 5.19 | 138 | 42.18 Aug | 4.00 | 5.30 | 148 | 36.39 Sep | 4.27 | 6.16 | 159 | 37.61 Oct | 4.40 | 6.64 | 167 | 26.82 Nov | 4.41 | 6.61 | 162 | 22.44 Dec | 4.37 | 5.99 | 165 | 18.65 Jan | 4.21 | 6.23 | 156 | 15.26 Feb | 4.09 | 5.91 | 154 | 9.91 Mar | 4.11 | 5.87 | 150 | 15.20 Apr | 4.30 | 5.64 | 149 | 20.52 May | 4.61 | 6.47 | 159 | 23.95 ------------------------------------------------------------------------ Source: NASS & AMS, USDA. 1/ Mid-month. 2/ Weighted avg., all classes. Table 6 -- Wheat: Exports and Imports U.S. wheat exports, 1994/95: (1,000 bu.) Jun-Apr Jun-Apr | Jan Feb Mar Apr 1994/95 1993/94 --------------|------------------------------------------------------------ Wheat grain | 93,735 97,478 98,876 85,251 1,049,651 1,095,221 Wheat flour | 2,805 7,085 7,617 6,945 55,803 44,604 Products | 112 136 137 109 1,703 1,530 Total | 96,652 104,699 106,631 92,305 1,107,157 1,141,355 U.S. wheat imports, 1994/95: (1,000 bu.) Jun-Apr Jun-Apr | Jan Feb Mar Apr 1994/95 1993/94 --------------|------------------------------------------------------------ Wheat grain | 4,109 3,344 4,487 5,771 64,166 78,267 Wheat flour | 776 735 920 599 7,362 5,609 Products | 1,014 964 1,124 1,114 12,284 10,001 Total | 5,899 5,043 6,531 7,484 83,812 93,877 --------------------------------------------------------------------------- Source: Department of Commerce, Bureau of Census. Wheat flour and products converted to wheat grain equivalent. Table 7 -- Wheat: U.S. exports: shipmnents, sales, and commitments --------------------------------------------------- | 1995/96 -------------|------------------------------------- | as of | | 6/29/95 | | Out- Total | |Ship- standing commit- |USDA Country |ments sales ments 1/ |forecast -------------|----------------------------|-------- | (1,000 metric tons) | Algeria | 53 25 78 | China | 461 1,201 1,662 | Egypt | 40 1,234 1,274 | FSU | 0 20 20 | Japan | 308 662 970 | S. Korea | 62 102 164 | Morocco | 24 0 24 | Nigeria | 89 90 179 | Pakistan | 0 0 0 | Philippines | 159 554 713 | | | Total grain | 1,911 5,956 7,867 | | | Total (incl. | | products)2/ | 1,944 6,172 8,116 | 31,298 --------------------------------------------------- 1/ U.S. Export Sales Report. 2/ Grain equivalent basis. Table 8 -- All Wheat Production --------------------------------------------------------------------------- *********** 1995 *********** 1994 1995 Percent Area Area Yield Production Production Change Planted Harvested (bu/ac) (1,000 bu) (1,000 bu) from 1994 --------------------------------------------------------------------------- Major hard red winter states KS 11,700 10,800 28 433,200 302,400 -30.2 OK 7,000 5,250 21 143,100 110,250 -23.0 CO 2,945 2,742 37 79,734 100,266 25.8 TX 6,200 3,150 26 75,400 81,900 8.6 NE 2,150 2,100 38 71,400 79,800 11.8 CA 650 508 70 44,365 35,636 -19.7 NM 460 150 22 5,520 3,300 -40.2 UT 173 166 48 7,012 7,948 13.3 WY 230 215 35 4,949 7,535 52.3 Major soft red winter states IL 1,480 1,390 47 50,400 65,330 29.6 OH 1,230 1,210 59 68,440 71,390 4.3 MO 1,300 1,200 38 49,500 45,600 -7.9 AR 1,100 1,000 48 40,480 48,000 18.6 IN 700 660 61 38,430 40,260 4.8 NC 720 680 42 30,380 28,560 -6.0 KY 650 460 53 25,200 24,380 -3.3 VA 300 275 58 14,000 15,950 13.9 TN 600 350 46 15,000 16,100 7.3 GA 350 300 38 20,400 11,400 -44.1 Major white wheat states WA 2,700 2,595 42 124,200 109,200 -12.1 OR 1,030 934 54 55,680 50,400 -9.5 ID 1,410 1,330 41 56,880 54,670 -3.9 MI 620 600 55 30,740 33,000 7.4 NY 130 125 49 6,095 6,095 0.0 Major hard red spring and durum states MN 2,245 2,193 30 71,948 65,790 -8.6 MT 5,650 5,395 35 170,590 188,840 10.7 ND 11,190 11,038 31 356,404 344,954 -3.2 SD 2,835 2,693 33 95,278 89,321 -6.3 AZ 125 122 86 11,186 10,538 -5.8 HRW 34,552 27,938 30 971,134 841,186 -13.4 HRS 15,880 15,562 32 515,392 494,173 -4.1 SRW 10,502 9,239 47 433,335 437,189 0.9 White 5,176 5,025 60 303,403 303,360 -0.0 Durum 3,265 3,205 35 97,347 112,141 15.2 U .S. 69,375 60,969 36 2,320,611 2,188,049 -5.7 --------------------------------------------------------------------------- END-END-END