IGC lifts world wheat forecast

By FWi staff

WORLD wheat production estimates have increased by 1 million tonnes to 583 million tonnes on the back of higher revisions for Argentina, Canada, Russia and Kazakhstan.

However, reductions were seen for the EC (Italy), Iran and Ukraine, noted the International Grains Council in its monthly report.

World trade is also expected to be 1 million tonnes higher at 100 million tonnes.

A decrease for China was offset by increases several other countries, including India, said a spokesman for the IGC.

World consumption is forecast 2 million tonnes higher at 591 million tonnes.

“Much of the increase is attributable to the growth of feed use in the United States, where the number of cattle in feedlots as at 1 December set a new record,” said a spokesman for the IGC.

World stock predictions have remained unchanged at 116 million tonnes.

Despite reductions in the EC and US stocks are likely to be offset by high stocks in the five major exporters.

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