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Modest Gain in Forecast Wheat Stocks
WASHINGTON - Mar 9/07 - SNS -- Global wheat production for 2006-07 is projected at 593.1 million metric tons (MT), up 1.1 million from last month on higher production in India, according to the latest USDA supply and demand updates from the World Agricultural Outlook Board.
Production for India is raised 1.4 million MT, more than offsetting a downward revision in EU-25 of 0.2 million MT. A small reduction in Former Soviet Union output accounts for the rest of this month's 2006-07 production changes.
Global consumption is raised 1.2 million MT with increases for EU-25, India, and Australia. Higher wheat feeding in Australia is expected to offset some of the decline in sorghum production and pasture and forage availability as a result of the ongoing drought.
Global exports are lowered 1.0 million MT this month, reflecting a like drop in EU-25 exports. Lower production and rising domestic consumption in EU-25 are expected to limit the availability of wheat for export.
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