LONDON (Reuters) — The International Grains Council on Thursday increased its forecast for the 2013-14 global wheat crop, reflecting upward revisions for China and the United States.
The IGC, in a monthly report, projected a 2013-14 crop of 698 million tonnes, up two million from its previous forecast and now seven percent above the prior season’s 655 million.
Global wheat consumption was expected to rise by just three percent in 2013-14 to 692 million tonnes, leading to an increase in stocks of six million tonnes to 181 million by the end of the season from year earlier levels.
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The IGC raised its forecast for China’s wheat crop to 120.0 million tonnes, up from a previous forecast of 118.0 million and now barely changed from the prior season’s 120.6 million.
The U.S. wheat crop was also upwardly revised to 58.0 million tonnes from 57.5 million.
The IGC raised its forecast for the 2013-14 global maize crop by two million tonnes to 950 million tonnes, sharply above the prior season’s 863 million.
“Global (corn) production is expected to expand 10 percent year-on-year to a record 950 million tonnes mainly due to a rebound in the U.S.,” the IGC said.
The U.S. maize crop was estimated at a record 355 million tonnes, up from a previous forecast of 352 million and sharply up from the prior season’s 273.8 million.
Global maize stocks were seen rising 21 percent, year-on-year, by the end of the 2013-14 season to 157 million tonnes.
