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USDA Grains: World Markets and Trade


10 December 2014

USDA Grains: World Markets and Trade December 2014USDA Grains: World Markets and Trade December 2014


USDA Grains: World Markets and Trade Reports

Global wheat consumption is projected at a record in 2014/15. Food use is expanding because of population growth, urbanization, and rising incomes. Growth is particularly strong in SubSaharan Africa and Southeast Asia. Feed use is up as well, mainly driven by a huge jump in EU usage. The EU is projected to have a record crop with a large quantity of competitively priced feed-quality wheat. Even with consumption at a record, exporter ending stocks are up nearly 20 percent from last year. The EU, Russia, and Ukraine account for all of this increase. Bumper crops in all three countries are enabling robust exports, in addition to stock building. The EU is forecast to be the world’s largest exporter and prices currently are the most competitive. Russia’s exports are projected at a record, while Ukraine’s exports are its second highest. Even though these countries are exporting large amounts of wheat, they are still expected to have a surplus, which will continue to pressure prices. U.S. stocks are forecast slightly higher year-to-year in spite of a smaller crop as high relative prices make exports less competitive. Canada’s stocks are projected to decline as this year’s crop is down from last year’s record. Stocks in Australia and Kazakhstan are nearly unchanged.

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