Wheat forecasts down

Commodities , Food Jun 12, 2012 No Comments

WheatThe U.S. Department of Agriculture (USDA) lowered today its wheat production global forecast for 2012/2013.

However, the world wheat reserves level remains at a still comfortable level.

In the monthly report on supply and demand worldwide, experts from the USDA estimated a decrease of 5 Mt, with a worldwide production now planned at 672 Mt.

This decline is due to reduced forecasts in major exporting countries compared with May forecast: the EU would be down by 1 Mt to 131 Mt, Russia by 3 Mt to 56 Mt whereas production in the United States, the world’s leading producers of wheat, would be virtually unchanged, -0.3 Mt from last month.

As a result, global stocks at the end of the 2013 season to are expected to fall by 2.3 Mt to 185.8 Mt and world exports by 1.60 Mt to 135.4 Mt .

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Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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