THE US Department of Agriculture forecasts US and world wheat stocks for the year ending 2009-10 will increase, despite an assumed reduction in production in the same year.
This contrasts to their projections for 2009-10 coarse grain and cotton ending stocks, which are expected to fall.
An assumed rebound in global oilseed production in 2009-10 will result in oilseed ending stocks increasing from 08-09 levels, but they will remain at tight levels according to the USDA.
Highlights from the forecast by the USDA include:
• World wheat production in 09/10 will decline from the record harvest posted last year. The USDA currently expects that production in the current season will reach 656.1 million tonnes (mt), 26mt or 3.8pct below the 08/09 crop.
• However the 09/10 crop will still be the second largest crop in history. The USDA’s latest estimate of 09/10 crop also represents a 1.6mt reduction from their prior estimate which was released in May.
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