Global maize, wheat and oilseed production could reach record levels in 2013-14, according to the US Department of Agriculture’s first estimate of the season.
It forecast a 45.5m-tonne increase in world wheat production, to 701.1m tonnes, with larger crops in all the major exporting countries except America, which could see a 9% fall in production.
Coarse grain production was set to increase by 113.8m tonnes, to 1.4bn tonnes, with large crops in Russia, China, Europe and South America. And oilseed production was likely to rise by 4.7%, to 491.3m tonnes, mainly due to record soya bean plantings in America, Brazil and Argentina, said the report.
However, by 12 May, farmers in America had only drilled 28% of their maize – well behind the five-year average of 65%. Soya bean plantings were just 6% complete, compared with an average of 24%, and wheat condition was poor, with just 32% rated as good to excellent and 39% rated poor to very poor.
According to analyst Agritel, the USDA’s estimate of Black Sea production was optimistic, Russian wheat exports of 15m tonnes more likely than the forecast 18m tonnes. UK grain markets remained relatively unchanged on the week, with very little new or old crop trade carried out.