November 29, 2007
IGC increases grain forecasts
The International Grain Council (IGC) increased its grain production forecast for November at 1,659 million tonnes.
ICG's forecast this month is 4 million tonnes more than last month. The increase is due to hikes in the EU, Brazil, Russia and Ukraine production while US slumps behind.
At 1,667 million tonnes, the consumption estimate was also up 4 million tonnes.
Projected closing stocks are the same as last month at 255 million tonnes, while combined stocks of the five major exporters are still at 97 million tonnes.
World grains trade is forecast at 225 million tonnes, 1 million more than in October. The increased imports by EU and East Asia have offset the reductions in South Asia.
Total wheat consumption in 2007/08 is forecast at 611 million tonnes, up by 1 million. The increase of wheat feeding in EU increases world feed use to 92 million tonnes.
End-season stocks in the main exporters are expected to total 26 million tonnes, 1 million more than October.