GOOD GROWING conditions have boosted world coarse grain production by 6m tonnes since last month, according to the International Grains Council‘s latest forecast.
A potentially record US maize production of 264m tonnes contributed to rise, as did favourable weather in Europe, said the IGC.
It forecast the global coarse grain crop at 938m tonnes – 26m tonnes more than last season.
With consumption increased slightly to 945m tonnes, the global stocks forecast rose by 5% on last month, to 123m tonnes.
Conversely, the IGC lowered its forecast for world wheat production, due to dry conditions in parts of the US.
It pegged production at 599m tonnes – down 3m tonnes on last month, and cut its stocks estimate by almost 5%, to 124m tonnes.
The latest estimates bring the IGC figures closer in line with the US Department of Agriculture‘s recent forecasts, which are slightly more conservative than the IGC figures.
The difference is created in the way that the information is collected, according to the Home-Grown Cereals‘ Authority‘s Josh Dadd.
While the IGC had to use each country‘s official figures, the USDA could use unofficial figures if desired, avoiding any political slant on production and stocks, he said.