With world use expected to marginally exceed output in 2012/13, closing stocks are seen falling by 8% y/y to the lowest level in five years. Global production is forecast to rise by 5% y/y in 2013/14, to a record 66.5m t, reflecting improved crops in the EU, Canada, China and CIS region. With tight supplies and reserved farmer selling likely to curb consumption growth, the 2013/14 carryover is set to rise by 17% y/y, the first increase in four years. World trade is projected to decline in 2013/14, led by a reduction in EU imports.
How could that NOT be bullish? Lock the bins?
How could that NOT be bullish? Lock the bins?