IGC cuts 2015/16 global wheat production estimate

IGC cuts 2015/16 global wheat production estimate

2015-11-02 15:29 |
source: China Grain Network |
the International Grains Council (IGC) lowered its global wheat production forecast for 2015/16 on October 29. Due to poor weather conditions in Australia, the recent drought and frost have suppressed production expectations.

In its monthly report, the IGC expects the current annual wheat production to be 0.726 billion tons, down 1 million tons from last month's estimate. The IGC expects a wheat production of 0.721 billion tonnes in 2014/15.

IGC lowered its global wheat consumption forecast by 1 million tons to 0.718 billion tons, and its consumption forecast for 2014/15 is 0.707 billion tons.

The IGC raised its all-grain production estimate to 1.999 billion tonnes, compared to its previous estimate of 1.996 billion tonnes.

Despite the increase in consumption, the high yield is expected to expand global grain stocks to 0.454 billion tons next year, compared with 0.447 billion tons at the end of the previous year.