WHEAT: WORLD MARKETS AND TRADE HIGHLIGHTS FOR 2013/14
Global wheat production is projected to reach a, record 701 million tons, up 47 million from 2012/13., Production in the Black Sea region is expected to, increase in comparison to last year’s droughtimpacted crop. Production in the Middle East and, North Africa is also estimated at higher levels than, last year. On the other hand, the U.S. crop is, projected nearly 6 million tons lower. Global, consumption is forecast 20 million tons higher to, 695 million tons as a result of population growth, increased per capita consumption, and higher animal, feeding. Global ending stocks are forecast to rise 6, million tons to 186 million; stocks in the United, States are expected to drop, whereas most other, exporter stocks (except India) are expected to grow, slightly. The season-average farm price is down, $1.00/bushel from last year’s record to $6.80/bushel.
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