The International Grain Council (IGC) has made only minor revisions to its 2013-14 global total grains carryover projection this month. It raised global wheat carryover by 1 MMT to 181 MMT (179 MMT in 2012-13) and left its global corn carryover forecast unchanged at 149 MMT (119 MMT in 2012-13). That resulted in just a 1 MMT increase in global total grains carryover to 368 MMT (332 MMT in 2012-13).
IGC raised its 2013-14 global wheat production forecast by 1 MMT to 683 MMT, but says the 4% year-over-year increase will be absorbed by an increase in demand. It also raised its 2013-14 global corn production forecast by 1 MMT to 946 MMT due to higher expected output from the Black Sea region. It says despite strong growth in corn demand, carryover is expected to rise by 25% from last year to a 13-year high.
In its first look at the 2013-14 marketing year for soybeans, the group pegged carryover at 33 MMT, up from 26 MMT last season. It projects global production to rise 6% from last year to a new record of 284 MMT. It sees global trade expanding by 8% on increases to China.