Grains council raises global wheat crop outlook, trims maize

LONDON: The International Grains Council has raised its forecast for 2013/14 global wheat production by 4 million tons to 687 million, reflecting upward revisions to crop outlooks for the US, European Union and India.
The wheat crop is now expected to be four percent above the prior season’s 654 million and global carryover stocks are forecast to rise by a marginal 1 million tons in 2013/14.
The inter-governmental body, in a monthly report, also doubled its projection for China wheat imports in 2013/14 to 7.0 million tons from a previous forecast of 3.5 million, citing reported quality issues with the domestic crop.
Rain has reportedly damaged quality in Henan, China’s biggest wheat growing area, and Jiangsu with part of the crop now only suitable for animal feed.
The IGC raised its forecast for the US wheat crop by 1.5 million tons to 57.5 million, bringing it into line with the US Department of Agriculture’s current forecast.
Wheat production in the European Union was upwardly revised to 141.5 million tons from a previous projection of 139.4 million, reflecting slightly higher forecasts for France, Germany, Poland, Romania, Spain and Britain.
The IGC also increased its forecast for India’s wheat crop by 1 million tons to 92.5 million tons.
The global maize production estimate for 2013/14 was trimmed by 4 million tons to 942 million tons, still a record and up 10 percent from the prior season.
“As consumption is seen rising five percent, year-on-year, world stocks will be rebuilt in 2013/14, with inventories in the four main exporters forecast at a nine-year high,” the IGC said.
The IGC cut its projection for the US maize crop to 350 million tons from 355 million, although production remained on course to be well above last year’s 273.8 million