WORLD WHEAT SITUATION AND OUTLOOK
World wheat trade is up marginally from last months estimate, to 98.2 million tons, and remains the highest volume in three years. Global production is projected up slightly, largely due to the 700,000 ton increase in Argentinas harvest. However, production in the remaining four traditional exporting countries (Australia, Canada, the European Union and the United States) remains relatively unchanged. Global consumption is up slightly this month, and is expected to continue along the gradual upward trend of the past 25 years.
The export forecasts for Canada and Kazakhstan were raised 500,000 metric tons each based on aggressive export programs during the first half of the marketing year.
Russias import forecast was raised 700,000 tons, to 2.0 million tons, based on continued strong imports from Kazakhstan. Also, the import forecasts for Algeria and Libya were raised by 500,000 and 250,000 tons, respectively, to reflect stronger than expected consumption and import patterns in the previous year. Larger than expected crops and reduced import demand suggest lower import forecasts for Georgia, Uzbekistan, and Yugoslavia.
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