I.G.C. says world wheat stocks to grow
May 01, 2009
by Josh Sosland
LONDON — World wheat ending stocks in 2009-10 were projected at 171 million tonnes in the initial forecast of the International Grains Council. The carryover would be up 9 million tonnes, or 6%, from 162 million tonnes in 2008-09. The carryover would be up dramatically from 116 million in 2007-08 and 122 in 2006-07. Ending stocks in the five major exporters (Argentina, Australia, Canada, the E.U. and United States) were projected at 53 million tonnes in 2009-10, up 13% from 47 million tonnes in 2008-09 and more than double the 26 million tonnes in 2007-08. Despite the larger projected supplies, the I.G.C. noted that wheat markets were strong in April, reflecting crop worries, especially in North America where wet and cold weather delayed spring wheat plantings.