January 16, 2008

World grain outlook declines on US estimates

The world grain projection for 2007-2008 declined by 2.8 million tonnes this month from the earlier total estimate of 1,051.6 million tonnes after US estimates weaken.

EU-27 coarse grains production is up 0.9 million tonnes this month to 136.6 million tonnes.

Poland registered the largest increase for mixed grain up 0.7 million tonnes to 8.4 million.

Russia's grain production faltered by 0.9 million tonnes due to lower estimated barley yields.

Argentina increased its projections from 0.2 million tonnes to 3.5 million tonnes with increased plantings reported.

Coarse grains supplies for 2007-08 were increased this month by larger beginning stocks, up 1.4 million tonnes to 136.5 million tonnes.

Upward revisions to 2006-07 imports boosted corn stocks for Brazil, Iran, and Peru.

World corn trade in 2006-07 was estimated to have reached a record 90.8 million tonnes, a 10-percent increase from the previous period.

US corn stocks plummeted in 2006-07 while China's corn stocks were estimated to have also declined. Corn stocks in the rest of the world, however, increased 3.3 million tonnes to 41.7 million.