World wheat production prospects boosted further
A decrease of 0.6 million tons in global beginning stocks—due to trade revisions in prior years and other changes in supply and demand—only partly offsets the 2013/14 production increase.
Trade revisions for the prior years (mostly for 2012/13) led to lower beginning stocks in the EU, Pakistan, Kenya, Saudi Arabia, and Tunisia, and higher stocks in Algeria, Uzbekistan, and Indonesia. Statistics Canada reported 2012/13 wheat ending stocks 0.2 million tons higher than USDA’s earlier forecast, with an increase in the 2013/14 beginning stocks that gives Canadian wheat supplies an additional boost. Numerous changes in beginning stocks of less than 0.1 million tons are made for a number of countries, mostly reflecting the availability of trade data