Top Wheat Buyers Grow More of Their Own to Swell Global Glut
- North Africa farms recover from drought to boost output by 25%
- While still dependent on imports, region will be buying less
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As if the global wheat surplus couldn’t get much worse, some of the biggest buyers may not need as much. That could swell stockpiles already expected to be the biggest ever.
Countries in North Africa like Egypt and Algeria -- all dependent on foreign wheat to help keep their populations fed -- probably will harvest 25 percent more on their own farms this year if the weather is as favorable as expected, the International Grains Council estimates. That means imports from the region could drop from a record high to a three-year low, according to Chicago-based researcher AgResource Co.