USDA reduced ending stocks of wheat for the 2020/21 season but increased global ending stocks:  U.S. wheat supplies are reduced by 32 million bushels because of lower beginning stocks and reduced production - as indicated in the Grains Stocks and Small Grains Annual Summary reports. (The Grain Stocks report indicated greater first quarter disappearance.)  U.S. wheat exports remain at 975 million bushels.  Projected ending stocks are reduced by 42 million bushels to 883 million, which would be the lowest ending stocks in six years.  The season-average farm price is raised $0.20 per bushel to $4.70 per bushel. The 2020/21 global wheat outlook is for higher ending stocks of 1,072.5 million metric tons – mostly due t...