Analysts predict world record wheat harvest
By FWi staff
GLOBAL wheat production this year is expected to be a record, the International Grains Council said today.
Increased output estimates for Russia, Argentina, China and Australia mean global output in 1997/8 is expected to climb to 608 million. The total is 26 million tonnes higher than production in 1996/97 and 5 million tonnes more than forecast last month.
Substantial revisions in forecasts for China and the former Soviet Union mean consumption during the year is now expected to rise by 9 million tonnes to 590 million tonnes.
Trade is expected to reach 96 million tonnes. This figure is 1million tonnes higher than last year and reflects higher estimated imports for Algeria and Libya, said Bill de Maria of the IGC.
End of year stocks are predicted to be about 128 million tonnes, an increase of 17 million tonnes on 1996/7.