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Wheat Stocks Lowered Again

USDA dropped the estimate for 2007-08 wheat end stocks.

USDA lowered its forecast for carryout wheat stocks by 55 million bushels to 307 million bushels for the 2007-08 marketing year. Exports are expected to be higher and production weaker. According to USDA's Supply and Demand Report, if this prediction is accurate, it would be the lowest end stocks since the 1940s.

World wheat ending stocks were also lowered despite increased production in Argentina, Canada and the former Soviet republics. The lower wheat production in the U.S., Australia and the European Union more than offset those gains. The world production forecast was lowered nearly six million tons to 600 million tons and the world ending stocks were also lowered about six million tons to almost 107 million tons.

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