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IGC raises outlook for global Grains production

The International Grains Council (IGC) has raised its forecast for total grains production in 2018-19 to 2,063 million tonnes, up from 2,059 million tonnes in July but down from 2,092 million tonnes forecast for 2017-18.

Total grains consumption is forecast at 2,129 million tonnes, up from 2,128 million tonnes in July and compared with 2,107 million tonnes in 2017-18.

The forecast for total grains carryover stocks was raised to 538 million tonnes from 532 million tonnes a month ago and down from 604 million tonnes in 2017-18.

Corn production in 2018-19 is forecast at 1,064 million tonnes, up from 1,052 million tonnes in July and up from 1,045 million tonnes in 2017-18. Consumption is forecast at 1,105 million tonnes, up from 1,098 million tonnes in July and compared with 1,078 million tonnes in 2017-18.

Global wheat production in 2018-19 is forecast at 716 million tonnes, down from 721 million tonnes in July and compared with 758 million tonnes forecast for 2017-18. Consumption also was forecast lower, at 734 million tonnes, which compared with 739 million tonnes a month ago. The IGC forecast 2017-18 global wheat consumption at 736 million tonnes.

Soybean production in 2018-19 is forecast at 366 million tonnes, up from 359 million tonnes in early July and up from 338 million tonnes in 2017-18. Consumption is forecast at 357 million tonnes, up from 356 million tonnes and 344 million a year ago.

Rice production in 2018-19 is forecast at 491 million tonnes, unchanged from July, and up from 488 million tonnes in 2017-18. Rice consumption is forecast lower, at 492 million tonnes, which compares with 493 million tonnes in July and 487 million tonnes in 2017-18.

The IGC Grains and Oilseeds Index was virtually unchanged, easing 0.1%, the I.G.C. Said.

“The IGC Grains and Oilseed Index (GOI) was unchanged month over month, as net gains in wheat and barley export prices were countered by late-month declines in soybeans,” the IGC Said.

“Price weakness during the second half of August was mainly tied to bearishly interpreted elements of USDA’s WASDE report, outside market influences and excellent U.S. rowcrop yield prospects,” the report said.

 


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