LONDON, Oct 31 (Reuters) – The International Grains Council on Thursday raised its forecast for global wheat and corn production in 2013-14 and stocks at the end of the season in its monthly report.
Global wheat production in 2013-14 was raised by three million tonnes to 696 million, reflecting improved outlooks in Canada and Kazakhstan. This represents a six percent rise on the previous year.
Canada’s wheat crop was revised up 2.5 million tonnes to a record 33 million, after favourable summer weather conditions boosted yields.
Global wheat consumption was revised up three million tonnes to 690 million, while stocks at the end of the 2013-14 season were revised up two million tonnes to 182 million tonnes, rising four percent from the previous year.
Global 2013-14 corn output was revised up by five million tonnes to 948 million, well above last season’s 863 million tonnes.
Production prospects were boosted by the U.S., where output was revised up two million tonnes to 352 million tonnes, a rebound from last season’s 273.8 million.
Stocks of corn at the end of the 2013-14 season were revised up four million tonnes to 152 million, well above the previous year’s 126 million.