The outlook for wheat and corn crops in the major grain-growing countries of the world has improved by 10 million tonnes in the past month, said the International Grains Council in forecasting the second-largest global grain harvest ever. Despite an upturn in consumption, the grain carry-over at the end of 2016/17 would be a record 474 million tonnes, up 6 million tonnes from 2015/16, the current record.
“Wheat prospects are better than before in the EU, the United States and Russia, although Morocco’s crop is cut to a nine-year low,” said the IGC, based in London. “Maize figures are raised for the US and Argentina, but lowered for China and parts of sub-Saharan Africa.”
Prospects for the new soybean crop “are highly tentative but production could rebound to 320 million tonnes on a marginal increase in plantings and improved yields,” said IGC’s Grain Market Report. Rice stocks at the end of 2016/17 were estimated to drop to 99 million tonnes, the lowest in seven years. Drought sharply reduced the 2015/16 crop and rising demand for rice will prevent a recovery in stocks, said IGC.