The Hindu Business Line : Global wheat prices ease on crop prospects

GLOBAL wheat crop conditions for 2006 appear favourable, as a result of which export prices have turned soft. Conditions for planting 2006-crop winter wheat are beneficial to the European Union, and planting progress in the US is normal.

However, lack of adequate moisture also caused concern in India, Iran and North Africa, the London-based International Grains Council (IGC) said in its latest Grain Market Report.

For 2005-06, world wheat production is estimated at 609 million tonnes (mt), down from 623 mt of the previous year, while consumption is projected at 616 mt (613 mt), which is expected to lead to an inevitable drawdown of stocks to 130 mt (137 mt).

World wheat trade is, however, unlikely to change from its level of 109 mt last year, even as China's import requirement is scaled down by one mt to three mt resulting from its large harvest of 96 mt (91 mt).

World maize (corn) production is estimated at 672 mt for 2005, with the US improving its contribution to 276 mt due to better yields. Maize consumption in 2005-06 is projected at 670 mt, close to production.

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