LONDON, Oct 27 (Reuters) – The International Grains Council raised its forecast for the 2016-17 world corn crop on Thursday to a record high 1.035 billion tonnes, boosted by upward adjustments for the United States, Argentina and India.
The inter-governmental body, in a monthly report, also increased its forecasts for wheat and total grains to record levels with global stocks expected to climb.
World corn production in 2016-17 was raised by 8 million tonnes, driven by increases for the United States (382.5 million from 378.8 million), Argentina (42.5 million versus 40.2 million) and India (25.0 million from 24.0 million).
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“With new highs for maize and wheat, grains production in 2016-17 is expected to be a record,” the IGC said, adding grain inventories in the major exporters were predicted to hit a seven-year high while those in China could reach 200 million tonnes for the first time in 17 years.
World wheat production in 2016-17 was upwardly revised by one million tonnes to a record 748 million, boosted by improved outlooks for Russia and Kazakhstan.
Total grains output in 2016-17 was seen at a record 2.077 billion tonnes and stocks at the end of the season at 498 million, up 23 million tonnes from a year earlier.
The IGC also raised its forecast for global soybean production in 2016-17 by 3 million tonnes to 332 million.
“The U.S. soybean crop, harvesting of which is well advanced, is expected to be the biggest ever in 2016-17. Together with assumed beneficial conditions in South America, chiefly Brazil, global output is projected up by six percent, year-on, year,” the IGC said.
