WORLD WHEAT SITUATION AND OUTLOOK
World wheat trade in 2001/02 is forecast to be 107.5 million tons, up 4.2 million tons from 2000/01. Global production is forecast down 4.2 million tons and is expected to remain below consumption for the third consecutive year. Global stocks are forecast down 11.9 million tons from last year to the lowest level since 1996/97.
In early December, export quotes for #2 HRW FOB Gulf averaged $125/MT, down $3 from last month. Global production is nearly unchanged from last month with a smaller crop in Argentina and slightly lower production in the EU and former Soviet Union mostly offset by a larger Australian crop. Global consumption is forecast up more than 1.6 million tons while ending stocks are forecast down 1.1 million tons. Global wheat trade in 2001/02 is forecast nearly identical to last month. Larger exports from Australia and the Ukraine are countered by smaller Argentine and EU exports. Expected imports are slightly lower in a few countries while imports by the EU are forecast up 1 million tons.
2001/2002 Trade Changes
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