USDA Lifts World Wheat Supply Estimate

WASHINGTON - Apr 9/08 - SNS -- Global wheat supplies for 2007-08 are raised 1.5 million metric tons (MT) this month to 731.54 million MT on late-season revisions to production in non-exporting countries, according to the latest supply and demand update from the USDA's World Agricultural Outlook Board.

Production is increased 1.2 million MT for Ethiopia where favorable weather boosted harvested area and yields. Uzbekistan production is raised 0.2 million MT in line with the latest government estimates. Partly offsetting the overall production increase this month is a 200,000 MT reduction in global beginning stocks resulting from small, multi-year revisions to production and use in several Middle East countries.

World imports and exports for 2007-08 are both projected 0.4 million MT higher this month. Imports are raised 0.2 million MT each for Libya and Tunisia based on higher-than-expected shipments from EU-27 and FSU-12 to date. A 200,000 MT cut in Ethiopia imports is offset by a number of small increases elsewhere.

The largest export increase this month is for the United States, up 1.4 million MT. Also raised this month are exports for Brazil and China, each up 0.2 million MT, based on shipments to date. Partly offsetting are export reductions of 1.0 million MT for Ukraine and 0.5 million MT for Australia. Ukraine has extended its export quota and shipments from Australia have been slower than expected.

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