World wheat ending stocks up from January

by Laura Lloyd
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WASHINGTON — World wheat ending stocks for 2012-13 were projected at 176.73 million tonnes, up 90,000 tonnes from 176.64 million tonnes in January but down 19.81 million tonnes, or 10%, from 196.54 million tonnes in 2011-12, the U.S. Department of Agriculture said in today’s World Agricultural Supply and Demand Estimates.

Global 2012-13 wheat production was projected at 653.61 million tonnes, down   700,000 tonnes from January and down 43.03 million tonnes, or 6%, from 696.64 million tonnes the previous year. Global wheat use was projected at 673.43 million tonnes, down 20,000 tonnes from January and down 24.6 million tonnes, or 4%, from 698.03 million tonnes in 2011-12. World exports were projected at 131.67 million tonnes, down 300,000 tonnes from 131.97 million tonnes in January and down 25.62 million tonnes, or 16%, from 157.29 million tonnes in the prior year.

“Global wheat supplies for 2012-13 are nearly unchanged with a small increase in beginning stocks more than offsetting a small decrease in production. Production is lowered for Kazakhstan and Brazil, but raised for Ukraine, South Africa, and Belarus,” the U.S.D.A. said.

Australia’s 2012-13 ending stocks were projected at 6.26 million tonnes, unchanged from January and down 720,000 tonnes, or 10%, from 6.98 million tonnes in 2011-12. Projected 2012-13 wheat exports from Australia were steady from January at 16.5 million tonnes, but were down 8.19 million tonnes, or 33%, from 24.69 million tonnes in 2011-12.

Russia’s 2012-13 ending stocks were projected at 5.60 million tonnes, unchanged from January but down 5.3 million tonnes, or 49%, from 10.9 million tonnes in 2011-12. Russia’s projected exports in 2012-13 were unchanged from January at 10.5 million tonnes, down sharply from 11.13 million tonnes in 2011-12.

Ukraine’s 2012-13 ending stocks were projected at 3.02 million tonnes, up 260,000 tonnes from January but down 2.34 million tonnes, or 44%, from 5.36 million tonnes in 2011-12. Ukraine’s projected 2012-13 exports were unchanged from January at 6.2 million tonnes, up from 5.44 million tonnes the prior year.

The U.S.D.A. projected 2012-13 wheat exports from India at 6.5 million tonnes, unchanged from January but up sharply from 890,000 tonnes last year. Exports from the E.U.-27 were raised 500,000 tonnes from January to 18.5 million tonnes, while Canadian exports were unchanged at 18.5 million tonnes.

World 2012-13 corn ending stocks were projected at 118.04 million tonnes, up 2.05 million tonnes from January but down 12.97 million tonnes, or 10%, from  131.01 million tonnes in 2011-12.

Argentina’s ending stocks were projected at 1.05 million tonnes, down from 1.15 million tonnes in January and down 12% from 940,000 tonnes in 2011-12. Argentina’s U.S.D.A. February projection for exports was 19 million tonnes, down 500,000 tonnes from January but up 1.5 million tonnes, or 9%, from the previous year.

Brazil’s corn ending stocks were 10.88 million tonnes in February, up 1.5 million tonnes from 9.38 million tonnes in January and up 1.3 million tonnes, or 14%, from 9.58 million tonnes in 2011-12. Brazil’s exports were projected at 19 million tonnes in February, up from 17.5 million tonnes projected in January but down 5 million tonnes, or 21%, from 2011-12, the U.S.D.A. said.

Global 2012-13 soybean ending stocks were projected at 60.12 million tonnes, up 660,000 tonnes from 59.46 million tonnes in January and up 4.87 million tonnes, or 9%, from 55.25 million tonnes in 2011-12.

Brazil’s projected production was 83.5 million tonnes, up from 82.5 million tonnes projected in January and up 17 million tonnes, or 26%, from the previous year, the U.S.D.A. said. Exports were pegged at 38.4 million tonnes, the same as January but up 2.08 million tonnes, or 6%, from 36.32 million tonnes the previous year.

Argentina’s projected soybean production was 53 million tonnes, down from 54 million tonnes in January but up 12.9 million tonnes, or 32%, from 40.1 million tonnes from 2011-12.

World rice ending stocks were projected at 101.95 million tonnes for 2012-13, down 530,000 tonnes from 102.48 million tonnes in January and down 3.51 million tonnes, or 3%, from 105.46 million tonnes in 2011-12.
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