Gold Silver Reports – Global wheat supplies are projected to rise 2 percent from 2015/16 as increased beginning stocks more than offset a decline in production from the previous year’s record.
Total wheat production is projected at 727.0 million tons, the second highest total on record. Large crops are expected in most key competing countries and favourable spring growing conditions suggest that yields will be well above trend in the EU, Russia, and Ukraine.
Global wheat consumption for 2016/17 is projected slightly higher than in 2015/16 with higher food use more than offsetting a reduction in world wheat feeding. Global import demand for 2016/17 is down from last year’s record, but still very large. Global ending stocks for 2016/17 are projected at a record 257.3 million tons, up 14.4 million from 2015/16. – Neal Bhai Reports
