The forecast was down 5 million from its April 20 projections but would still be up 2.8% from 2010-11. Ending stocks of wheat in 2012 were projected at 185 million tonnes, down 1 million tonnes from the April forecast and down 1 million tonnes from the 2011 carryover.
“The forecast of carryover stocks in the eight major exporters is unchanged from last month,” the IGC said. “Those in the U.S. are expected to decline, but stay at a comfortable level, while recoveries in inventories are projected in the E.U. and Russia.”