USDA report reveals key grain stocks at lowest levels since the 70s

The USDA’s August 2007 World Agriculture Supply and Demand Estimates (WASDE) and Crop Production report reveals that key grain stocks are at their lowest levels since the 1970s. Wheat stocks supplies are expected to fall 1% to 115 million tons. The reduction in wheat stocks has been responsible for an increase in whaet prices as countries such as Japan and Taiwan have bought up supplies in anticipation of potential shortages. Worldwide producer estimates have been falling throughout harvest season, and global supply is expected to be 7 million tons less than demand on a total production of 607 million tons.

Climate change is expected to reduce global crop yields as higher temperatures and less water reduces farm productivity and arable land.

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