Washington, DC
May 9, 2008
International wheat outlook for
2008/09
by Edward W. Allen, Economic
Research Service
Abstract
Wheat prices during fall 2007 were
high, and planting conditions for winter wheat across the
Northern Hemisphere were favorable. As a result, planted area
for winter wheat increased signifi cantly. Assuming yields
follow trends based on normal weather, average global wheat
yields will increase in 2008/09. Production prospects in the
European Union, Ukraine, Australia, and the United States are
expected to boost world wheat production to a record high in
2008/09. Increased production is expected to offset the lowest
beginning stocks since 1977/78, supporting prospects for some
increase in global wheat supplies in 2008/09. World wheat use is
expected to increase in 2008/09. Global food use is likely to
grow slowly, mostly due to population growth. High feed grain
prices and increased wheat production are expected to boost
global wheat feed and residual use. Growing conditions in 2008
will be crucial to determining available supplies and the size
of the expected increase in global stocks during 2008/09. In
addition to providing an outlook for wheat, this report also
examines the tight wheat situation in 2007/08.
Full report:
http://usda.mannlib.cornell.edu/usda/current/WHS-yearbook/WHS-yearbook-05-09-2008_Special_Report.pdf
|
|
