Wheat Production Numbers Revised
International report pushes global production estimate to 660 million metric tons.
Compiled by staff
Published: May 21, 2010
The International Grains Council has revised its estimate of the 2010-2011 crop year wheat crop, pushing it up 2 million metric tons. That raises the world wheat output estimate to 660 million metric tons, according to wire reports.
World wheat output is predicted to slide 16 million tons, according to the International Grain Council, which came up with the 660-million-bushel estimate. While northern hemisphere conditions remain favorable, the group says it is trimming European Union production. EU production is said to be off 1.2 million tons to 142.4 million for the marketing year in this latest estimate.
Global wheat consumption, on the other hand, is predicted to rise 1.1% to a record 654 million tons, netting a 6 million-ton surplus, not counting carryover stocks. The rising demand picture is good news for wheat producers, but the estimated global stocks number is also estimated up 2 million tons to 201 million tons.
The latest IGC report predicts demand and production go be about the same at 1.777 billion tons for all grains in the marketing year, which would leave closing stocks at about the same 396 million-ton level first predicted earlier this year.
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Tagged: wheat, Bushel
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