Australian carryover wheat stocks down 10% in January

According to the Australia's Bureau of Statistics (ABS), wheat stored by local bulk handlers in January fell 750,000 tonnes or 4.2% from December to 17.02 million tonnes as on January 31.

The harvest of the annual crop got underway in October. Wheat stocks typically peak after harvest, which was nearly all completed by Christmas, and then dwindle through the year as a result of exports and domestic use. Australia is a major supplier to global trade.

Wheat stocks held on January 31 comprised 13.84 million tonnes of milling grade, down 10% on month, with 3.19 million tonnes graded feed, up 31% on month, the bureau reported in its monthly wheat use and stocks publication.

The bureau also reported that in December, there were 2.3 million tonnes of barley stored by wheat users in Australia and 1.5 million tonnes of selected other grains and pulses.

Last month, the Australian Bureau of Agricultural & Resource Economics downgraded its production forecast for the nation's 2009-10 wheat crop to 22.0 million tonnes.