Business Daily from THE HINDU group of publications
Tuesday, Jul 04, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 04, 2006 |
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Agri-Biz & Commodities
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Wheat World wheat prices unlikely to ease Our Bureau
IGC says tightening supplies may lead to reduction in the US wheat export shipments.
Mumbai , July 3 World wheat production in 2006-07 is forecast at 605 million tonnes, down 12 mt from the previous year's 617 mt. World consumption is estimated at 613 mt (624 mt in 2005-06), the London-based International Grains Council (IGC) said in its latest report adding that the fall of 11 mt in consumption from last year is due to less animal feeding of wheat.
Low stocks forecast
World wheat stocks at the end of 2006-07 are projected at 121 mt (down 9 mt from previous year) of which stocks with five major exporters would be 45 mt (52 mt). In the US, condition of hard red winter wheat remains poor and there are concerns about the impact of dry weather on spring wheat. Tightening supplies may lead to reduction in the US wheat export shipments, IGC pointed out.
Rise in maize
Maize (corn) output worldwide for 2006 is forecast at 693 mt (692 mt) of which the US, on current reckoning, is likely to contribute 276 mt (282 mt). The critical pollination period is ahead. World maize consumption, on the other hand, is expected to rise to 720 mt in 2006-07, some 24 mt more than in 2005-06 with China contributing to higher global usage. Corn trade is forecast to increase to a 3-year high of 79 mt with exports from the US projected at 55 mt, a 11-year high. A considerable part of corn in the US is diverted for production of ethanol.
More Stories on : Wheat | Foodgrains
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