IGC sees global wheat production, stocks rising
The International Grain Council (IGC) projects global wheat production and stocks climbing in the 2008/09 season.
Forecast production is 645 MMT, 41 MMT more than in 2007. Crops in Europe, the CIS and China are developing well although parts of the US and Canada need more rain. Hot weather is stressing crops in Near East Asia and North Africa. Rain in Argentina and Australia is boosting their prospects.
As prices ease food consumption growth in developing countries should recover and feed use will rise: the total is forecast at 630 MMT, 19 MMT more than last year. Stocks are expected to go up 14 MMT to 128 MMT, with a significant increase in the US.
Forecast production is 645 MMT, 41 MMT more than in 2007. Crops in Europe, the CIS and China are developing well although parts of the US and Canada need more rain. Hot weather is stressing crops in Near East Asia and North Africa. Rain in Argentina and Australia is boosting their prospects.
As prices ease food consumption growth in developing countries should recover and feed use will rise: the total is forecast at 630 MMT, 19 MMT more than last year. Stocks are expected to go up 14 MMT to 128 MMT, with a significant increase in the US.
