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Global wheat supplies reach new record high

Staff writer |
The latest World Agricultural Supply and Demand Estimate published by USDA gives no encouraging news for any movement upwards on global commodity prices.

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Global 2015/16 wheat supplies are raised 1.0 million tons primarily on increased production, which is a record 733.1 million tons.

EU production is raised 1.5 million tons to a record 160 million, and Argentina is raised 0.3 million tons to 11.3 million, both on updated government data.

Partially offsetting are a 0.6-million-ton reduction for Ethiopia, and a 0.4-million-ton reduction for Pakistan.

World exports are raised 0.4 million tons to 163.1 million. World wheat consumption for 2015/16 is lowered 0.7 million tons on both reduced feed and food use.

With supplies rising and use declining, global ending stocks are raised 1.7 million tons to 239.3 million, and remain at a record large.

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