WORLD WHEAT SITUATION AND OUTLOOK
World wheat trade in 2001/02 is forecast to be 107.8 million tons, up 4.4 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 9.9 million tons from last year to the lowest level since 1996/97.
In early March, export quotes for #2 HRW FOB Gulf averaged $125/MT, the same as last month. Global production is up slightly on a larger Australian crop. Global consumption is forecast down 1.6 million tons while ending stocks are forecast up 2.0 million tons. Global wheat trade in 2001/02 is forecast virtually unchanged from last month with more exports from Canada, Ukraine, and Russia mostly offset by less exports from the United States and the EU. Paradoxically, with this months higher import estimate, the EU is now also expected to be the worlds largest importer.
2001/2002 Trade Changes
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