The International Grain Council (IGC) has lowered its 2012-13 global total grains carryover projection by 10 million metric tons (MMT) to 373 MMT. IGC lowered world wheat stocks by 15 MMT to 191 MMT (202 MMT last year) and raised global corn carryover by 6 MMT to 141 MMT (129 MMT last year).
IGC lowered its global wheat production forecast by 5 MMT to 671 MMT, down from 695 MMT last season. It raised its global trade estimate by 1 MMT to 136 MMT (143 MMT last season). "Global 2012-13 crop prospects remained mostly favorable during May, but adverse conditions lowered harvest expectations in the EU, Russia and Morocco, contributing to a 5 MMT cut in the world production forecast," it states.
Meanwhile, it raised its global corn production forecast by 13 MMT to 913 MMT (866 MMT last season) and raised trade by 2 MMT to 102 MMT (94 MMT last season). "With plantings and yields projected at new records, the global maize (corn) crop is forecast to increase by more than 5%," it states. "Early seeding has reinforced expectations for a huge