The International Grains Council (IGC) on Jan. 19 raised its forecast for world wheat production in 2016-17 to 752 million tonnes, up from its late November forecast of 749 million tonnes and compared with the record outturn of 736 million tonnes in 2015-16. The IGC forecast 2016-17 world wheat ending stocks at a record 235 million tonnes, unchanged from the… Read more »
Cash wheat prices (near $2.80 at this writing) are well below the cost of production. It is a fact that the market will offer prices that provide a profit for some producers. It is also a fact that the market will periodically offer prices that will weed out inefficient, high-cost producers. Another fact is that a large difference exists in… Read more »
Future growth of E.U. wheat production will depend heavily on export opportunities in the global market — particularly in Africa, the Middle East and Southeast Asia, according to a new report from Rabobank. E.U.-28 wheat production has increased by roughly 25%, or 31 million tonnes, in the past 15 years, driven almost exclusively by yield growth, according to Rabobank’s latest… Read more »
A Mexican scientist of Indian origin has won the World Food Prize 2014 for his work that led to an increase in world wheat production of almost 200 million tonnes in 25 years.
Global flour exports in the 2014-15 crop season have the potential of rising 6% over the previous year, according to the initial forecast for the new season issued by the International Grains Council (IGC). While up from the prior year, the prospective trade will fall 10% short of the all-time record set in 2011-12.
U.S. 2014 all wheat production was forecast at 1,992 million bus, down 138 million bus, or 6%, from 2,130 million bus in 2013, the U.S. Department of Agriculture said in its July 11 Crop Production report.
The FAO Food Price Index was down for the second consecutive month in May, continuing its retreat from the 10-month high it experienced in March. Prices fell as generally ample supplies weighed on international prices for most commodities included in the Index.
The U.S. Department of Agriculture on Nov. 8 forecast the U.S. carryover of wheat on June 1, 2014, at 565 million bus, up 4 million bus from the September projection but down 153 million bus, or 21%, from 718 million bus in 2013. The forecast was above the average of pre-report trade estimates at about 527 million bus.
The quality of this year’s wheat harvest is up but the NFU believes the hangover of an “18-month winter” means quantity will be even lower than last year.
The U.S. Department of Agriculture in its July 11 World Agricultural Supply and Demand Estimates projected 2013-14 global ending stocks of wheat at 172.38 million tonnes, down 8.87 million tonnes, or 5%, from the June projection, and down 2.09 million tonnes, or 1%, from 174.47 million tonnes estimated for 2012-13.