June 2, 2008

Higher wheat crop boost global grain production for 2008
 
 

The International Grains Council Friday (June 2, 2008) forecast 2008-09 global grain output at 1.712 billion tonnes, up 6 million tonnes from last month's forecast and up 38 million tonnes on the year.

The revision was mostly due to a higher estimate for the world wheat crop.

Global 2008-09 wheat output was forecast at 650 million tons, up 5 million tons from IGC's April projection and up 56 million from last season's crop.

"Rains improved prospects in the European Union, Russia, Ukraine and in the U.S. winter wheat areas," said IGC.

"Drought threatens (wheat) crops in parts of Near East Asia and North Africa," added IGC. And "Argentina and eastern Australia need more rain for planting."

Corn 2008-09 production is forecast at 763 million tons, up 1 million tons from the April projection, but down 14 million from the 2007-08 crop.