RECOVERY IN WORLD WOOL PRODUCTION

Press, Volume CI, Issue 29842, 7 June 1962, Page 9

RECOVERY IN WORLD WOOL PRODUCTION

(N.Z.P.A.-Reuter —Copyright)

NEW YORK, June 5. World wool production recovered in 1961-62 from the setback of the previous session, a United Nations team of economic experts reported yesterday. The report predicted an increase in the world coffee surplus this year, and reported that over-all production of lead, zinc and jute would increase. Grain and cotton production, would be lower. The Economic and Social Council’s four-man interim co-ordinating committee for international commodity arrangements said yesterday, in a round-up of market developments in the last year, that there was a “great need for long-term policies” in the world coffee economy. The report said that coffee prices, “after showing some stability in 1931, weakened again in the latter part of the year,” Production for 1961-62 was estimated at 13 per cent, larger than in 1960-61, "and with consumption increasing only slightly, the world surplus may continue to grow.” World grain production, outside countries with “cen-trally-planned economies” —the Communist bloc—had

increased by 15 million tons, and stocks held by major exporters rose by about 12m tons. “The 1961-62 crcp is expected to be substantially smaller,” said the report. World Wheat Crop The world wheat crop, excluding China, amounted to 220 m tons in 1960-61. slightly larger than in the previous year, and the second largest crop on record, the report said. The increase in production had occurred mainly in North America and Australia. In Europe, production had been lower. With global wheat supplies ample and a strong import demand, prices had been well maintained in 1960-61. In July last year prices had begun to rise and continued to increase during the second half of 1961 and the first months of this year. Cotton production in 1961-62, “in spite of a marked expansion in acreage, is estimated to be lower because of crop damage in the United Arab Republic and much lower yields in India. Consumption of cotton moved upward in the United States, in the course of 1961-62, but elsewhere there has been a downturn.”