Higher forecast seen for 2014-15 global corn crop, council says

The International Grains Council (IGC) has raised its forecast for the 2014-15 world corn crop, reflecting an upward revision to production in China.

World corn production was forecast to hit 982 million tonnes, up from a previous forecast of 980 million and a notch below the prior season's record 984 million tonnes.

In the IGC's monthly report, the corn crop in China, the world's number two producer, was put at 216 million tonnes, up from a previous forecast of 213.8 million but still slightly below the previous season's 218.5 million.

The rise was partially offset by a downward revision for Argentina where a corn crop of 22.5 million tonnes is now seen, down from a previous estimate of 23 million and the prior season's 24 million tonnes.

According to the IGC, seeding in South America has so far progressed at a slower than average pace. While output in Brazil and Argentina is expected to decline, much will depend on the final planting decisions and weather during the coming months.

As for global corn consumption in 2014-15, the IGC has revised it upwards by two million tonnes to 963 million tonnes. "World demand is forecast to increase to record highs, driven by a 3% gain in feed consumption," the IGC said. 

Vidar has a M.Sc. degree in engineering from DTU in Denmark and a B.Sc. degree in electrical and computer engineering from the University of Iceland. He has been with Marel's innovation team for the last 14 years thereof heading the Product Center Inspection for the last 4 years.