WORLD WHEAT SITUATION AND OUTLOOK
World wheat trade in 2001/02 is forecast to be 107.2 million tons, up 4.3 million tons from 2000/01. Global production is forecast down 5.3 million tons and is expected to remain below consumption for the third consecutive year. Global stocks are forecast down 19 million tons from last year to the lowest level since 1995/96.
In early December, export quotes for #2 HRW FOB Gulf averaged $126/MT, down only $1 from last month. Global production is estimated up nearly 2 million tons from last month due to larger crops in Russia and Canada. Global consumption is forecast up .4 million tons while ending stocks are forecast up 3.7 million tons, in part, due to minor revisions of historical consumption in Iran, Algeria, and Saudi Arabia. World wheat trade in 2001/02 is forecast identical to last month. Larger exports from Canada and the EU were countered by smaller U.S. exports. Imports by Morocco were lowered while the forecast for Chinas imports was raised.
2001/2002 Trade Changes
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