WORLD WHEAT SITUATION AND OUTLOOK
World wheat trade in 2000/01 is forecast down 5.9 million tons from last year to 106.6 million. Global production is down for the third consecutive year while consumption is estimated 5 million tons lower than last year. Global stocks are forecast to fall 12.7 million tons thereby maintaining a low stocks-to-use ratio.
In early April, export quotes for #2 HRW FOB Gulf were $129 down $5 from a month earlier. Expected global ending stocks were raised by 4.7 million tons due to revisions in the EU and India. Consumption was lowered in these two countries, resulting in a 3.8 million-ton decline in global consumption and a slightly higher global stocks-to-use ratio. World wheat trade in 2000/01 is forecast identical to last month.
2000/2001 Trade Changes
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