The world will reap its biggest wheat crop ever in the coming season as larger harvests in Europe and the Black Sea region lift stockpiles, according to the Agricultural Market Information System (open global agricultural market information system originated by FAO, OECD and World Bank).
Production will climb to 702 million metric tons in the 2013-14 season starting July 1 from 659 million tons in 2012-13, Rome-based AMIS, which was set up by Group of 20 countries, wrote in an online report today. That will rebuild inventories and reduce trade as importers in Asia and Europe grow more of the grain at home, the report showed.
Wheat traded in Chicago, a global benchmark, fell about 10 percent this year on the outlook for rising production. The projected rebound follows drought last year that hurt harvests in Russia, Ukraine, southern Europe and the U.S. The global forecast from AMIS exceeded estimates by the U.S. Department of Agriculture and the International Grains Council.
Wheat stockpiles may climb to 173 million tons from 164 million tons in 2012-13 as trade shrinks to 136 million tons from 140 million tons, according to the report.