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The IGC have raised their wheat production estimate to 676Mt in '08/09 up 4Mt from the previous estimate made last month with better than expected crops in the EU, Russia and Ukraine. Consumption is put at 646Mt, up 3Mt from last month and 35Mt more than a year ago. Ending stocks in the five main exporting countries are forecast slightly lower than last month's estimate at 41Mt, but still 12Mt above last season's level. World trade was increased by 1Mt to 116Mt, 7Mt higher than '07/08.
Meanwhile, maize was unchanged from last month's estimates at 305Mt, due to continued uncertainty surrounding the US crop maturity. Global consumption is expected to reach a record 788Mt, down by 1Mt from last month but still 12Mt higher than in '07/08. However, stocks are expected to be at 109Mt, a five year low and 18Mt less than last year. World trade is also forecast to be lower in '08/09 at 87Mt, against 100Mt last year due to an increased supply of lower quality feed grains.
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