Global stocks of grain are about to hit their highest in 30 years
International Grains Council (IGC) has significantly increased performance of the global grain harvest during 2014/15MY. In contrast to the November's forecast, in the current season global grain harvest estimate increased by 12 million tons, up to 2 billion tons. This has been reported in January's report of the International Grains Council (IGC).
According to the projection, global grain stocks will raise by 30 million tons, up to 432 million tons, which will become the highest in the past 30 years.
Since November the index of global prices of grain and oilseeds GOI IGC declined by 6%. Experts’ forecasts for the winter wheat harvest in 2014/15 MY are generally positive.
According to experts of the Council, the estimate of global soybean production has been increased again to a new record and now exceeds last year’s figure by 10%, with expected end of season carryover stocks increased by 39%.