USDA Boosts World Wheat Forecast

WASHINGTON - Mar 11/08 - SNS -- Global 2007-08 wheat production is raised 1.4 million metric tons (MT) this month to a forecast 604.96 million MT mostly on increases for Brazil and India, up 0.4 million and 0.9 million MT, respectively, and in line with government estimates, according to the latest supply and demand forecasts from the USDA's World Agricultural Outlook Board.

Also raised slightly is output for Australia and EU-27 based on the latest revisions to government estimates. Partly offsetting is a reduction for Saudi Arabia based on lower-than-expected area.

World imports, exports, and ending stocks for 2007-08 are all projected slightly higher this month with the increase in production. Global exports are raised 0.5 million MT reflecting higher exports by the United States and Brazil. Partly offsetting is a 0.5-million-ton reduction for Argentina on further export delays caused by changes in export licensing procedures.

World wheat feeding is raised 0.1 million MT with an increase for Australia reflecting higher production. Global ending stocks are raised 0.7 million MT, but remain at a 30-year low. Lower ending stocks in the United States and Saudi Arabia are more than offset by increases for Argentina, Brazil, EU-27, and India.

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