August 24, 2007

World 2007/08 wheat end stocks lowest since 1979-80

World wheat ending stocks in 2007-08 will be the lowest since 1979-80 at 111 million tonnes, issued by the International Grains Council Thursday shows.

Stocks in the world's five major exporters - the US, the European Union, Canada, Australia and Argentina - are expected to be especially tight, said IGC.

IGC cut its carryout forecast by 2 million tonnes from its July estimate due to a 7-million-tonne cut to the 2007-08 crop forecast that was partially offset by a 3-million-tonne cut in consumption.

The organization's new world wheat ending stock estimate shows a drop of 6.2 million tonnes on the year.