August 13, 2004
Record World Wheat Harvest Forecast
Better conditions for United States wheat crops have boosted prospects of a world record harvest this season.
The latest monthly supply and demand estimate in the US puts spring and winter wheat crops at just over two billion bushels, up about 64 million on last month.
But the USDA's Gerald Bange says America is likely to export less wheat, because production is up in most grain countries.
"If you look at world production right now, it's going to come in right around 609 million tons for the 2004-2005 year. "That's not a record.
"The previous record is 610, so we're right on the edge of another record here worldwide. And that's even with area being somewhat reduced from the previous years."
Mr Bange is forecasting a domestic wheat price of US $3.25 a bushel for the 04-05 season, down from last year's $3.40.