September 25, 2009

IGC ups 2009-10 world wheat output forecast 0.6 percent to 666 million tonnes

The International Grains Council Thursday (September 24) revised up its world 2009-10 wheat production forecast by 0.6 percent, or 4 million tonnes, on the month to 666 million tonnes, due to better-than-expected yields in some countries.


This is a 3.1 percent fall in production on the year, after 2008-09's record crop.


World grain production was also revised up slightly to 1.753 billion tonnes, from the August estimate of 1.748 billion tonnes.


Two consecutive bumper crops of wheat have put downward pressure on wheat prices, leading the IGC to predict a fall in wheat plantings in the US in particular in 2010.