A day after India targeted to produce more wheat, the International Grains Council (IGC) announced the global wheat output to be at 676 million tonnes (MT) for 2008-09 season, up 11 per cent from the last year’s.
India targeted to produce 78.5 MT during 2008-09, against 78.4 MT in the previous year.
IGC revised the global wheat output forecast upward by four million tonnes from last month to 676 million tonnes for 2008-09. It is 11 per cent more than the last season.
Larger-than-expected wheat yields in the EU, Russia and Ukraine improved crop prospects and would more than offset a lower forecast for Australia, where rains are still inadequate, a IGC Report said.
Due to poor growing conditions and rains during harvest period, the quality of wheat in several countries including Argentina have been affected, which will now be used as animal feed. On wheat prices, IGC said, “The subsequent turmoil in financial markets also infected the wheat futures. With estimates of this year’s record world wheat crop continuing to rise, prices of this grain fell further in the first half of September”.
Global wheat consumption is expected to be more by 35 MT to 646 MT this year Although projected end-season stocks of 41 MT in the five major exporters are marginally lower than last month, they remain much above last year’s 29 MT, the report said.
