November 26, 2010

 

IGC cuts four million tonnes from 2010-11 world corn output view

 
 

The International Grain Council (IGC) cut its estimate for 2010-11 world corn production for the second month running Thursday (Nov 25), lowering its last month's estimate of 814 million tonnes to 810 million tonnes.

 

The IGC said the revision-20 million lower than its September prediction but only one million tonne lower than last season-was due to lower output from key producers the US and Brazil.

 

Global corn consumption is expected to remain stable, with a three-million-tonne fall in feed use compensated for by higher demand for ethanol. However, according to the IGC, world carryover stocks are expected to shrink by 20% to a four-year low of 121 million tonnes.

 

Total grain production is now forecast at 1.725 billion tonnes, down by five million tonnes from last month and 3.5% below that of 2009-10. Consumption is revised higher at 1.786 million tonnes, up one million tonne on last month.

 

World wheat production is forecast at 644 million tonnes, unchanged from last month and down about 5% compared with last year.