Increase in world total grains
The forecast for world total grains (wheat and coarse grains) production in 2016/17 is 4% higher than the season before.
This is stated by the International Grains Council (IGC). IGC expect the total grains harvest to be 8 million t higher m/m (month-on-month), at 2,077million. More maize will be expected from the US, Argentina and India, while larger numbers for wheat are mostly in the Black Sea region.
At 2,054m t (+4% y/y), 5 m is added to the figure for global consumption, with much of the change for feed use of maize. In spite of the increased demand m/m, the projection for total grains stocks at the end of 2016/17 is boosted by 7 m tons, to 498 m, up by 23m y/y, with wheat and maize accounting for almost all of the gain. The forecast for trade is 4m t above last time, at 337m (-2% y/y), with wheat now placed at an all-time high.
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