World Wheat Production Down But Stocks Up
The International Grains Council (IGC) said today that world wheat production for 2010/11 will fall by 17 MMT, or 2.5%, to 658 MMT. Although consumption is seen rising by 9 MMT to 654 MMT in 2010/11, ending stocks for 2010/11 are seen slightly higher than in the current marketing year. Closing stocks for 2009/10 were reduced by 1 MMT from last month to 196 MMT, carryout at the end of 2010/11 is seen at a nine year high of 199 MMT. The increase, despite lower production and higher usage, is due to the 30 MMT increase in opening stocks left over from bumper production in 2008/09.
Corn stocks on the other hand are seen falling, despite higher output in 2010/11. Production in the year ahead will rise by 6 MMT to 809 MMT, but a 13 MMT pick up in consumption sees ending stocks next season decline from 148 MMt to 140 MMT.
Corn stocks on the other hand are seen falling, despite higher output in 2010/11. Production in the year ahead will rise by 6 MMT to 809 MMT, but a 13 MMT pick up in consumption sees ending stocks next season decline from 148 MMt to 140 MMT.