January 26, 2007

 

IGC cuts 2006/07 global grain carryout to 239 million tonnes

 

 

The International Grain Council (IGC) cut its 2006/07 world ending stocks forecast Thursday to 239 million tonnes, which is down 3 million tonnes from its previous forecast made in November and down 67 million tonnes on the year earlier.

 

"Grain consumption is rising somewhat faster than forecast previously, and consequently stocks are set to fall more steeply," IGC said.

 

IGC forecast global grain use at a record 1.625 billion tonnes, up 2 million tonnes from its previous forecast and up 9 million tonnes on the year.

 

"A drop in feed use will be more than offset by a sharp rise in industrial uses, primarily to make ethanol," IGC said.

 

Grain ending stocks in the five major exporters are forecast to fall to 85 million tonnes, down from the previous forecast of 90 million tonnes, and the lowest level since 1995/96.