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Little Change in World Wheat Stocks
WASHINGTON - Mar 11/03 - SNS -- Global wheat stocks projections were left mostly unchanged despite some important fluctuations in countries such as the United States and Australia.
In its latest world outlook report, the USDA said A reduction of 0.5 million tons in Australian production is more than offset by larger production in Iran.
While a larger crop reduces expected imports by Iran, global imports are little changed from last month due to increased imports by the EU. Lower U.S. exports are countered by increased exports by the EU. Despite smaller production, Australia's 2002-03 supplies are up from last month because of higher beginning stocks and imports.
In the United States, projected 2003-03 ending stocks of wheat are up 20 million bushels from last month due to changes in trade and food use.
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