Larger corn crops in Argentina and the United States will push global grain production to the second-highest total ever, just a year after the record was set, said the International Grains Council, based in London. The global appetite for grain continues to grow, likely setting its own record, so the global stockpile will shrink by 5 percent, said the council’s monthly Grain Market Report.
“Global stocks of grain could come down for the first time in five years, mostly for maize [corn],” said the IGC. The worldwide inventory still would be the second largest on record. The IGC raised its forecast for the global grain harvest by 20 million tonnes, or nearly 1 percent, from its August estimate, led by a 12 million-tonne increase in corn.
The USDA is scheduled to report today at noon on this year’s wheat harvest, expected to be the smallest in 11 years, and on the so-called carry-over stocks of corn and soybeans on hand when this year’s harvest commenced. The corn figure could be the largest in three decades — traders say it will be around 2.35 billion bushels, the equivalent of an eight-week supply of corn. U.S. growers harvested their biggest-ever corn crop last year. This year’s crop would be the third largest.