USDA Projects Global Demand Will Drive US Wheat Stocks To Lowest Level In 59 Years

[hatrack]

NEW YORK (AP) -- U.S. wheat stockpiles may shrink to the lowest level in 59 years due to robust demand for the grain following two years of weak harvests worldwide, the U.S. Department of Agriculture said Friday in a report.

The USDA projects wheat supplies for the 2007-2008 crop year will fall to 307 million bushels, down 55 million bushels from its estimate last month, due to the fast pace of export shipments. Foreign appetite for the country's wheat has surged after poor weather damaged harvests around the world this year. Record high prices have done little to dampen demand.

Stockpiles of wheat at the crop year's end would be the lowest since 1949.

A bushel of wheat rose the 30-cent maximum Thursday to settle at $8.83 on the Chicago Board of Trade. Wheat fetched as little as $5 a bushel in May.

EDIT

http://biz.yahoo.com/ap/071012/crop_report.html?.v=1

[aquart]

1. At least we still have enough to export.

How long will that last?

[kestrel91316]

2. 5 years max. Here's what everybody with a patch of land should do:

Buy some wheat seeds - various varieties based upon your individual needs and local climate
http://www.bountifulgardens.org/products.asp?dept=4

Grow wheat:
http://www.amazon.com/Small-Scale-Grain-Raising-Gene-Logsdon/dp/0878571477
Logsdon's book is in short supply and out of print. I have one. It is not for sale for ANY price.

[phantom power]

3. You realize, we're going to hunt you down, and steal your seeds and your book.

And your little dog too!