By FWi staff
WORLD production estimates for coarse grains plummeted by 6 million tonnes this month to 891 million tonnes on the back of lower forecasts for maize in Argentina and barley in Russia.
World trade on the other hand rose by 1 million tonnes at 90 million tonnes, with increases of 0.5 million tonnes of rye for Russia and 0.5 million tonnes of barley for Saudi Arabia.
The International Grains Council predicted world consumption down 10 million tonnes at 885 million tonnes, with declining barley prices in Russia accounting for most of that reduction.
“Feed grain use is expected to equal last seasons figure,” said a spokesman for the IGC. Consumption of coarse grain is expected to rise to 58 million tonnes, with a significant increase in use of maize in Brazil.
World stocks are estimated up 5 million tonnes to 142 million tonnes, mainly attributed to projected increases in the EU and the United States, said the IGC.