January 27, 2006

IGC raises world wheat and corn production estimates

The International Grains Council (IGC) has estimated 2005/06 world wheat production at 615 million tonnes, an increase of 4 million tonnes. IGC raised their estimate of world corn production by 6 million tonnes to 683 million. 

The council attributed the increases to larger bigger production estimates for China and the US and better than expected yields in Argentina.

ICG placed 2004/05 global wheat production at 623 million tonnes. For corn, it estimated 2004/05 global production at 706 million tonnes.

Global wheat ending stocks were projected at 133 million tonnes, an increase of 2 million. IGC's projection of corn ending stocks was 137 million tonnes, 7 million more than the previous estimate. For Argentina, Australia, Canada, the EU and the US, total wheat exports were raised 2 million tonnes to 49 million while corn exports saw an increase of 3 million tonnes to 72 million.