The International Grains Council (IGC) has raised its total grains carryover estimate for 2013-14 by 7 MMT from last month to 374 MMT, up 39 MMT from 2012-13. The group raised its global wheat carryover estimate by 2 MMT to 182 MMT (175 MMT in 2012-13), with global corn carryover up 4 MMT to 152 MMT (126 MMT in 2012-13). IGC left total soybean carryover unchanged at 29 MMT, up 3 MMT from last season.
IGC raised its global wheat production forecast by 3 MMT from last month to 696 MMT due to a "substantial recovery" seen in the CIS. It also raised its world trade forecast by 1 MMT to 142 MMT, saying small increases in year-over-year demand from China and Egypt outweighs declines elsewhere.
Meanwhile, IGC raised its global corn production forecast by 5 MMT to a record 948 MMT, driving by a rebound in the U.S. "Led by expanding global feed use, world consumption is expected to show strong 6% growth, and trade is also forecast to increase by 6% year-over-year, to a new record," it adds.