Global Wheat Supply Seen Higher as Farmers Reap Record Crop
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World reserves before next year’s harvest will be larger than the government forecast in November as farmers harvested bigger crops than a year earlier. U.S. inventories next year are projected to be higher than last month’s forecast.
Global inventories before the start of the Northern Hemisphere harvests in 2014 will be 182.78 million metric tons as Canadian and Australian growers collect bigger crops than a year earlier, compared with 178.48 million predicted in November, the U.S. Department of Agriculture said today in a monthly report. Analysts surveyed by Bloomberg were expecting 179.98 million, on average.