The Agricultural Market Information System, an international body, said it raised its forecast of this season’s corn crop worldwide “significantly, mostly on improved outlook for crops in the EU and the United States.” AMIS pegged the crop at 1,001 million tonnes, up 13 million tonnes from a month ago, and said end stocks for 2014/15 would rise by 27 million tonnes. That’s a larger increase in stocks than forecast by USDA or the International Grains Council. AMIS, created after food prices spiked in 2008, also forecast a record-large soybean crop.
“Good crop prospects and larger than earlier anticipated stocks are expected to boost grain supplies in 2014/15. However, with the critical growing period for maize, soybean and rice still ahead in the northern hemisphere, and with El Niño looming, market uncertainty is likely to prevail during the coming month,” said AMIS in a summary.