IGC increased the forecast of grain production to record levels
the international grains Council (IGC) increased its forecast for global production grain this season by 23 million tons. In a report last month forecast has been increased by 20 million.
According to the new estimates of the future harvest 46 million tons will exceed indicators of last year and reach a record 2,046 billion tone. In comparison with the previous balance of 13 million to 1030 million tonnes increased the forecast of corn production, mainly due to the US. The wheat harvest also increased from 735 to 743 million tons as decreased production estimates for the EU countries was offset by strong crops in USA and CIS countries. Adverse weather conditions cause some of the exporting countries, the concerns about sufficient resources of milling wheat.
a Significant amount of grain offerings and low prices will stimulate forage consumption grain. As a consequence, consumption will increase to 2,046 billion tons, 64 million tons, exceeding the end of last season and 17 million tons exceeds the previous month's forecast.
Weather in the end inventory increased from 488 to a record 492 million. World stocks are rising for the fourth consecutive season.
Volume global trade will exceed the July forecast at 6 million tons and will reach 330 million ton, which would still be at 13 million tonnes less than the record previous season.