World Wheat Crop Keeps Rising

WASHINGTON - Dec 11/08 - SNS -- The world's 2008-09 wheat crop is nowexpected to reach 684.0 million metric tons (MT), up 1.6 million from last month, according to forecasts from the USDA's World Agricultural Outlook Board.

Increases for Canada, Brazil, EU-27, and Serbia more than offset a reduction for Argentina. Production for Canada is raised 1.3 million MT in line with the latest estimates from Statistics Canada. Brazil production is raised 0.4 million MT based on recent government estimates that indicate higher production despite excessive rains during harvest. Production is raised 0.3 million MT for EU-27 with an increase for the United Kingdom which also experienced heavy harvest time rains that raised uncertainty about final yields.

Production is raised 0.1 million MT for Serbia. Production for Argentina is cut 0.5 million MT as harvest results indicate substantial yield variability and reductions caused by extended dryness over the past few months.

World wheat imports and exports for 2008-09 are both lowered slightly this month. Imports are lowered as the increase in U.S. imports is more than offset by 0.2 million ton reductions for both Malaysia and Vietnam. Exports are lowered as a 0.5-million-ton increase for Canada is more than offset by 0.5 million ton reductions for both Argentina and Australia. Exports are also lowered 0.1 million MT for Malaysia as reduced imports lower flour export prospects.

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