GLOBAL – Overall grain production for the 2015/16 year will contract one per cent, largely due to lower maize production, predicts the International Grains Council.
Total wheat and coarse grain harvest will contract to 1,996 m tonnes, says the monthly IGC market report.
However, grain stocks are forecast to rise to a 29-year peak, including record wheat inventories, while maize will “likely fall”.
Downgrading of EU maize has contributed to a 38 m t drop in world yield projections.
A spokesperson said: “Grains trade is projected to stay high, albeit 3 per cent below last year’s record.
“World rice carryovers are seen falling by 10 per cent y/y on declines in leading exporters. Trade is expected to be down slightly in 2016, but the outlook depends on demand from China.”
ThePigSite News Desk