The US Department of Agriculture has slashed its global wheat output estimate for 2007-08 to 610.15 million tonnes, down 6.72 million tonnes from its previous forecast in the wake of a severe drought in Russia and Ukraine and a lower US crop. | |
| The 2007-08 global wheat crop, however, is still seen much higher than last year's 594.09 million tonnes. In its latest report released late Monday, the USDA said it also pared its world ending stock estimate for 2007-08 to a 30-year low of 112.03 million tonnes, down 1.33 million tonnes from its previous estimate and 9.92 million tonnes from a year ago. |
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| It said with reduced 2007-08 global production and tighter supplies, global imports, exports and consumption are all projected lower. |
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| Global exports in the current wheat year are seen at 107.42 million tonnes and imports at 104.94 million tonnes, down 2.87 million tonnes and 2.35 million tonnes, respectively, from the previous forecast. |
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| The body said the largest export drop is forecast from Russia and Ukraine due to lower crop and import drop in the European Union due to tight supplies in the former Soviet bloc. |
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| The report pegged wheat output in India at 73.70 million tonnes, consumption at 75.65 million tonnes and import at 3 million tonnes. |
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| Maize |
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| USDA pegged global 2007-08 maize output at 767.96 million tonnes, up 1.46 million tonnes from its May forecast and a whopping 68.64 million tonnes from a year ago in the wake of higher crop anticipated in Argentina, Brazil, and South America. |
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| It said global maize exports are likely to be higher than its earlier projections from Argentina and EU, offsetting a 1.3-million tonne drop in exports from the US, where shipments are slowing down on higher competition from Argentina. |
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| The body pegged global corn exports at 83.11 million tonnes and imports at 82.33 million tonnes. |
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| Oilseed |
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| Global oilseed production in year to September 2008 is projected to fall 1.3 per cent to 399 million tonnes "" the first annual fall in 12 years, said the US Department of Agriculture in its monthly supply and demand forecast. |
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| World soybean production is also estimated to fall by 10 million tonnes to 225 million tonnes due to fall in acreage in the US, said the farm body. |
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| However, Brazil and Argentina are likely to see rise in production as increased area in both countries more than offsets low yield. Brazil soybean crop is projected at 61 million tonnes, up 2 million tonnes from 2006-07 estimate, while Argentina's crop is seen at 47 million tonnes, up 500,000 tonnes. |
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| However, mustard seed production is seen sharply higher in the EU as producers respond to higher prices resulting from demand for biodiesel. Production is also expected to rise in Canada, India and Australia. |
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