August 24, 2007

World 2007/08 grain crop seen at 1.653 billion tonnes

The International Grains Council cut its forecast Thursday for 2007/08 global grain output to 1.653 billion metric tonnes, down 5 million tonnes from last month's projection, but up 5.5 percent on the year.

The drop was largely due to a downward revision in global wheat output, which was partially offset by an upward revision in corn production.

IGC now forecast 2007/08 world wheat production at 607 million tonnes, down 7 million from the July projection, but still up 2.7 percent from last year's 590.6-million-tonne crop.

 The organization cut its forecast 2007/08 wheat output in the European Union by 3.9 million tonnes and the Canadian crop by 2 million tonnes.

IGC delayed Thursday's (August 23) report by an hour to incorporate revisions based on fresh grain data issued out of Canada earlier in the day. Tables haven't yet been issued.

World 2007/08 corn production was forecast at 755 million tonnes, up 3 million from the July projection and up 8.5 percent from the previous year.

The US corn crop figure was lifted by a further 10 million tonnes to 330 million tonnes, said IGC. This was partially offset by reductions to corn output in the EU and China.