US farmers to grow more wheat in 2008-09: USDA

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15 May 2008

U.S. farmers will be producing significantly more wheat and soybeans for the 2008-09 marketing year than in the previous year, predicts United States Department of Agriculture (USDA). According to its new forecasts released here the recent record breaking prices and strong demand from foreign buyers have prompted more U.S. farmers to plant wheat. USDA production forecasts for 2008-09 is for 2.392 billion bushels, a 16% increase from the 2007-08 marketing year, the USDA said in its monthly supply and demand report.
Domestic food demand for wheat is expected to rise this year, but exports are seen waning and ending stocks more than doubling.“Exports are projected at 975 million bushels, down 24% from 2007-08,” the USDA said.
“Ending stocks for 2008-09 are projected at 483 million bushels, more than double the current year’s projected 239 million.”
World wheat production in 2008-09 is now predicted to reach a record 656.01 million metric tons, the USDA said. “Higher production is projected for most of the world’s major exporting countries including Australia, Canada, (the European Union),Russia and the Ukraine.”

Source: Commodity Online