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The forecast of world wheat production for 2003/04 is reduced
03.04.2003 "Agro Perspectiva" (Kyiv) - International Grain Council (IGC) has again reduced the forecast of world wheat production by 4 mn. MT down to 591 mn. MT. Nevertheless it is 24 mn. MT higher than the estimation of IGC of world wheat production in 2002. IGC expects considerable increase of wheat crop in Canada, USA and Australia, whereas it is possible to expect certain reduction of production in EU because of adverse weather. Russia and Ukraine will harvest much less wheat crop because of cold winter than it was last year. Also it is necessary to expect reduction of crop in China and India. The world wheat stock will continue to reduce. It will fall down to 159 mn. MT at the end of the year in comparison with 167 mn.MT last year. However wheat stocks will exceed the level of last year in five basic countries-exporters such as Argentina, Australia, Canada, EU and USA. It will allow them to restore their export positions, taking into account the expected decrease of wheat production in Russia and Ukraine. SovEcon
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