USDA ups wheat export forecast

THE December US Department of Agriculture (USDA) supply and demand report revised wheat exports up 700,000 tonnes to 30.6 million tonnes this season.

The revisions are due to lower forecast EU and Australian exports, revised down 1m and 500,000 tonnes respectively.

EU wheat export licence volumes currently stand at 5.1m tonnes, compared to 8.3m tonnes at this point last season.

Forecast Canadian exports were revised up by 1m tonnes.

However, CBOT wheat futures ended the week around $3 lower despite support from the USDA report.

Chinas maize export forecast unchanged in light of reported offers.

The USDA left Chinas 2000/01 forecast maize exports unchanged at 4m tonnes.

CBOT maize prices ended the week close to unchanged, despite the 2m-tonne increase in forecast US and world maize stocks in the report.