July 29, 2011

IGC raises 2011-12 world grain yield estimate

Global grain output is expected to rise to a record 1.82 billion tonnes in 2011-12 but will still fall short of growing demand worldwide, the International Grains Council said Thursday (Jul 28).

The London-based body raised its previous forecast by nine million tonnes due to improving prospects for wheat crops in Europe, Russia, the US and India.

World wheat output is expected to hit 674 million tonnes, up from 651 million tonnes last year and eight million tonnes higher than expected in June.

Yet it still forecast a fall in world carryover stocks in 2011-12, as consumption will still outpace supply at a projected 1.83 billion tonnes as feed consumption increases.

"The outlook for grains in 2011-12 remains very tight, even though the world carryout projection is lifted from last month," it said. "In the major exporters the total carryover is forecast to fall by 10 million tonnes, to 115 million tonnes."