April 29, 2004

UK 2003-04 Wheat Exportable Surplus Seen At 2.3 Million MT
 
The U.K. 2003-04 exportable surplus for wheat is pegged at 2.3 million metric tons, down 32% on the year, and down 10.9% from the March estimate of the U.K. Department for the Environment, Food and Rural Affairs, or Defra, monthly U.K. grain supply and demand figures showed Wednesday.
 
This cut in exportable surplus for wheat during the 2003-04 campaign comes after many market participants voiced doubts over Defra's surplus estimate.
 
Defra made its estimate on the basis of wheat production totaling 14.288 million tons, unchanged since February and down 11% on the year.
 
The change in exportable surplus estimate is down to an upward revision of Defra's estimate for the 2003-04 end-of-season stocks from 1.6 million tons to 1.831 million tons, the April figures show.
 
U.K. 2003-04 barley production was estimated at 6.370 million tons, down 1% on the year, with the exportable surplus put at 926,000 tons. These figures are unchanged from the March statistics.
 
For oats, Defra left 2003-04 production at 749,000 tons, unchanged on the year.
 
Total U.K. cereal production for 2003-04 was estimated at 21.511 million tons, down 6% on the year.