The International Grains Council has cut its estimate of 2010 world wheat production to 651 million tonnes, a drop of 13 million tonnes from its estimate last month, mainly because of reduced crop prospects in Eastern Europe, the Former Soviet Union and Western Canada.
However, the IGC sees carryover stocks at 192 million tones, down from 201 million last year (2009-10) but well above the 153 million-tonne average for the previous four years.
In its commentary, the IGC said U.S. wheat futures have reached their highest levels in over a year, with considerable speculative activity, but “export values nevertheless became increasingly competitive against other origins, with this year’s ample availabilities likely to spur a sharp recovery in foreign sales.”
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The IGC puts world maize (corn) production at a record 823 million tonnes, down just one million from last month’s estimate and well above the average of 777 million tonnes for the previous four years. However, the IGC sees carryover stocks at 134 million tonnes, down from 140 million last year due to record consumption of 830 million tonnes.
Total feed use in 2010/11 is forecast to rise to 483m. tons (478m.). Growth in industrial use of maize will again outstrip the rise in feed consumption, the IGC said.
