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Commodity News
Mar 29 2008 9:22AM
World wheat end stocks for 2008-09 at 128 million MT

London - The International Grains Council (IGC) Friday forecast 2008-09 global wheat ending stocks at 128 million metric tons, a rise of 16 million tons on the year. This was the IGC's first supply/demand forecast for the 2008-09 global wheat campaign. Most of the recovery in stocks will be in the world's five major wheat exporters, with their combined carryout up around 10 million tons to 36 million, said the IGC. "Stocks in the United States could double from the exceptionally low level expected at the end of the current season, to 13 million tons," IGC said. IGC forecasts global world wheat output at a record high 646 million tons, up 42 million from 2007-08, but unchanged from the IGC projection made a month ago. "Consumption, held back by high prices in 2007-08, is likely to grow faster as supplies increase," said IGC. IGC forecast 2008-09 world wheat usage at 630 million tons, up 18 million on the year. And 2008-09 world wheat trade was also forecast by IGC to rise by 7 million tons on the year to 110 million, with larger imports expected by India, Algeria and Iraq.

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