In its first formal forecast of the 2014/15 soybean crop, the International Grains Council forecast a record harvest, up 6 percent from the previous season, and a 24 percent jump in carryover stocks. Based in London, IGC says plantings in Brazil and the United States, the two largest growers, are expected to set records. IGC’s estimate of the U.S. crop is the same as USDA, at more than 3.6 billion bushels. The group also raised its estimate of world corn and wheat crops.
“An increasingly comfortable outlook for supplies pressured global export prices during June,” said IGC, with corn down 7 percent, wheat down 5 percent and soybeans down 4 percent. World wheat and feed grain production will run only 2 percent below the record set last season, it said, but the potential El Nino later this year could alter outlooks.