The US Agriculture Department on Thursday raised its estimate of global end stocks of corn by more than 2 million tonnes for both 2003/04 and 2004/05.
The increase in end stocks for 2003/04 reflects a nearly 2 million tonne increase in China's corn crop production, the USDA said in its monthly supply and demand report.
The USDA also raised its estimate of world wheat stocks for 2004/05, citing an increase in wheat production by Russia, China, Iran and the European Union.