USDA Projects Decline In Wheat Supplies From Record Levels As per the latest release from the United States Department of Agriculture (USDA), Global wheat production is projected at 719.86 million tonnes, down 1.30 million tonnes from the previous update. This has been mainly due to 1.0-million-ton decrease for Australia, a 0.8-million-ton reduction for Egypt, and a 0.5-million-ton reduction for Kazakhstan. Partly offsetting is a 1.4-million-ton increase for EU. Changes for Northern Hemisphere countries reflect updated harvest reports and government statistics. Australia is lowered on persistent dryness in portions of the southeast that continued through October. Global wheat consumption for 2014/15 is projected at 712.68 million tonnes , down 2.10 million tonnes due to reductions for Egypt food and feed use, which stem from changes to their bread subsidy program. Global wheat imports are lowered 1.3 million tons to 153.4 million. Egypt imports are lowered 0.8 million tons due to the new subsidy program that will change consumption patterns. The largest exporter decrease is 1.0 million tons for Australia on a smaller crop. Kazakhstan and Serbia exports were each lowered 0.2 million tons also due to smaller crops. A 0.3-million-ton increase in Turkey exports was partially offsetting. Global wheat ending stocks for 2014/15 are raised 0.3 million tons to 192.9 million, mostly on higher stocks for EU. Powered by Commodity Insight
Posted on: Tue, 11 Nov 2014 09:17:57 +0000
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