The International Grains Council raised its forecast for the 2016/17 world corn crop on Thursday to a record high 1.035 billion tonnes, boosted by upward adjustments for the United States, Argentina and India. The inter-governmental body, in a monthly report, also increased its forecasts for wheat and total grains to record levels with global stocks expected to climb.
World corn (maize) production in 2016/17 was raised by 8 million tonnes, driven by increases for the United States (382.5 million from 378.8 million), Argentina (42.5 million versus 40.2 million) and India (25.0 million from 24.0 million). "With new highs for maize and wheat, grains production in 2016/17 is expected to be a record," the IGC said, adding grain inventories in the major exporters were predicted to hit a seven-year high while those in China could reach 200 million tonnes for the first time in 17 years.
World wheat production in 2016/17 was upwardly revised by 1 million tonnes to a record 748 million, boosted by improved outlooks for Russia and Kazakhstan. Total grains output in 2016/17 was seen at a record 2.077 billion tonnes and stocks at the end of the season at 498 million, up 23 million tonnes from a year earlier. The IGC also raised its forecast for global soybean production in 2016/17 by 3 million tonnes to 332 million.
"The US soybean crop, harvesting of which is well advanced, is expected to be the biggest ever in 2016/17. Together with assumed beneficial conditions in South America, chiefly Brazil, global output is projected up by 6 percent, year-on, year," the IGC said.
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