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FAO's Cereal Supply and Demand Brief, also released today, pointed to improved production prospects primarily for wheat.
Global wheat production is now pegged at 732 million tonnes, more than one percent higher than anticipated in June, mainly due to improved prospects in the EU, the Russian Federation and the U.S., as a result of better weather conditions.
The forecast for world maize production in 2016 was, however, cut down as prospects for the second crop in Brazil have dimmed and as reduced government support in China led to lower planting. Overall coarse grain production for this year is now expected to be 1 316.4 million tonnes, some 0.6 percent lower than last month's forecast.
World total cereal utilization in the 2016/17 marketing year, meanwhile, is now projected at 2 555.6 million tonnes, 1.3 percent higher than the estimate for 2015/16.
As a result, global cereal stocks by the end of farming season in 2017 are expected to stand at 635 million tonnes, 1.5 percent below their opening level. The resulting world stocks-to-use ratio for cereals would stand at 24.2 percent in 2016/17, compared to the 2007/08 historical low of 20.5 percent.
Thursday July 7, 2016/ FAO.
http://www.fao.org
