IGC Says all carry over is up over last year....TOO MUCH World SUPPLY, we don't matter...
This month's changes to total grains (wheat and coarse gains) supply and demand are mainly linked to maize (corn). The forecast for grains production in 2016/17 is 8m t higher m/m (month-on-month), at 2,084m, an increase of 4% y/y (year-on-year) and the largest on record. Stronger industrial demand in the US is mostly behind a 2m t upward revision for consumption, to 2,056m (+4% y/y).
Led by the major exporters, ending stocks are placed 5m t bigger m/m, at 504m (+6%).
Trade is seen reaching 338m t, a little up m/m, but still 2% short of last year. Conditions for recently sown 2017/18 winter wheat in the northern hemisphere are mostly favourable.
World wheat harvested area in 2017/18 is projected to be almost unchanged y/y, with reductions in the US and Kazakhstan balanced by increases in Russia and North Africa.
Incorporating upgrades for the US, Brazil and Canada, 2016/17 world soybean output is seen 4m t higher, at 336m, some 21m above the previous sea-son's outcome and an all-time peak. With total use seen unchanged from October, the rise in forecast global availabilities results in an increase of more than 4m t in carryovers, to nearly 38m, an expansion of 11% y/y. The outlook for trade is downgraded slightly, but is still expected to rise by 4m t y/y, to a record of 137m.
This month's changes to total grains (wheat and coarse gains) supply and demand are mainly linked to maize (corn). The forecast for grains production in 2016/17 is 8m t higher m/m (month-on-month), at 2,084m, an increase of 4% y/y (year-on-year) and the largest on record. Stronger industrial demand in the US is mostly behind a 2m t upward revision for consumption, to 2,056m (+4% y/y).
Led by the major exporters, ending stocks are placed 5m t bigger m/m, at 504m (+6%).
Trade is seen reaching 338m t, a little up m/m, but still 2% short of last year. Conditions for recently sown 2017/18 winter wheat in the northern hemisphere are mostly favourable.
World wheat harvested area in 2017/18 is projected to be almost unchanged y/y, with reductions in the US and Kazakhstan balanced by increases in Russia and North Africa.
Incorporating upgrades for the US, Brazil and Canada, 2016/17 world soybean output is seen 4m t higher, at 336m, some 21m above the previous sea-son's outcome and an all-time peak. With total use seen unchanged from October, the rise in forecast global availabilities results in an increase of more than 4m t in carryovers, to nearly 38m, an expansion of 11% y/y. The outlook for trade is downgraded slightly, but is still expected to rise by 4m t y/y, to a record of 137m.
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