World wheat stable despite us futures flurry - farmers weekly
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_BY FWI STAFF_ WEATHER has been the major influence on US grain futures over the past month, although this had little effect on world wheat. The International Grains Council (IGC) has made
only minor revisions to world wheat estimates, with the most important change coming from coarse grains as consumption estimates plummet by 10 million tonnes. This results mainly from lower
estimates for Brazil, the EU, Russia and the United States raising world stocks by 5 million at 144 million tonnes, notes the IGC. World trade remains unchanged, forecast to rise by 6
million to 99 million tonnes. Higher imports are expected to Iran, China and Pakistan. World stocks are expected to rise 6 million to 111 million tonnes on the back of lower consumption.
This is forecast to fall 4 million to 588 million tonnes but would still leave stocks 18 million tonnes below last years levels. 95-96 96-97 97-98 98-99 (forecast as at 25/03/99) 98-99
(forecast as at 28/04/99) Production 540 582 610 583 584 Trade 90 95 95 93 93 Consumption 551 582 590 586 586 Stocks 111 110 130 129 129 However, despite this reduction in world stocks the
IGC expects the major exporting country stocks to rise 5 million to 57 million tonnes.