January 22, 2015
Daily Global
Rice E-Newsletter
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Volume 5, Issue I Chief Editor:Hamlik For Advertisement & Specs:
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IGC Raises Corn Outlook, Sees Grains Stockpiles at 30-Year High By Rudy Ruitenberg Jan 22, 2015 7:29 AM PT World corn output will beat a November forecast, the International Grains Council said, lifting the estimate an eighth time on improved prospects for South America.Bigger corn and wheat crops will expand world grain output excluding rice to a record and lift inventories at the end of the season to the highest in about 30 years, the London-based organization wrote in a report today.Corn futures have dropped 9.7 percent in Chicago in the past 12 months as U.S. growers harvested a record crop and the outlook for production in Brazil and Argentina improved, while wheat futures have dropped 4.4 percent. Cheaper grain has contributed to a drop in international food prices.“World maize export prices turned lower amid stiff global competition and ample availabilities,” the council wrote, using another word for corn.Farmers will gather 991.9 million metric tons of corn this season, 9.6 million tons more than forecast previously and climbing from 990.7 million tons in 2013-14, the council wrote.The IGC left its outlook for this season’s wheat production little changed, forecasting a crop of 717 million tons from 717.2 million tons in November, rising from 712.7 million tons a year earlier.Prospects for the 2015-16 winter Page 1 of 30
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