I.G.C. lowers world wheat crop forecast

by Staff
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LONDON — The International Grains Council on Aug. 23 forecast world wheat production in 2012-13 at 662 million tonnes, down 3 million tonnes from its July projection of 665 million tonnes and down 34 million tonnes, or 5%, from a record 696 million tonnes in 2011-12.

The I.G.C. forecast world wheat consumption in 2012-13 at 679 million tonnes, unchanged from the July projection but down 13 million tonnes, or 2%, from a record 692 million tonnes in 2011-12. The I.G.C. indicated food and industrial consumption are expected to grow, but feed use likely will be lower.

World trade in wheat in 2012-13 was forecast at 133 million tonnes, unchanged from the July projection and down 13 million tonnes, or 9%, from 146 million tonnes in 2011-12. The I.G.C. said the year-over-year decline reflects lower imports for feed.

The I.G.C. forecast world wheat ending stocks in 2012-13 at 180 million tonnes, down 3 million tonnes from the July projection and down 17 million tonnes, or 9%, from 197 million tonnes in 2011-12.

“A projected fall in the major exporters is led by the Black Sea region,” the I.G.C. said.

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