WORLD GRAIN stock forecasts have risen for the first time this year, following good growing conditions over the past month.
The US Department of Agriculture reckons global wheat stocks will rise by 5.8m tonnes compared with last month‘s figures, to 132m tonnes.
Coarse grain stocks have been increased by almost 10m tonnes, although at 115.3m tonnes they would still be the lowest since 1976/77.
The rise comes on the back of higher production estimates in China, the EU and Russia.
In its latest report the USDA raised its world wheat production estimate by 4.6m tonnes to 598m tonnes, and its coarse grain output figure to 939m tonnes, up 6.9m tonnes.
The next month would be critical to both corn yields in the US and wheat quality across Europe, said Gerald Mason of the Home-Grown Cereals Authority.
“The rain we‘ve had over the past week or two has been reflected across most of Europe and has delayed harvest,” he said.
This had boosted demand and prices for old crop wheat, to about £73-£78/t ex-farm depending on the region, said Glencore Grain wheat trader James Maw.
Early harvest prices had also risen, to £72-£77/t ex-farm for the first week of August, although concerns over quality had caused later harvest markets to drop back to about £58-61/t, he added.