News
27.09.2011
Ukraine's economic news IGC forecast for world wheat production higher following upward revisions for Russia, Ukraine
The International Grains Council (IGC) has reported in its September report that following upward revisions for Russia, Ukraine and Australia, world wheat production in 2011/12 is forecast 2 million tonnes higher than last month, at a nearrecord 679 million, which is 28 million higher than last year production (651 million).
The report says that the projected trade with wheat in the world remained unchanged at 128 million tonnes. Carryover stocks projections were revised upwards to 193 million tonnes in September from 191 million tonnes in August.
World production of grains is placed 2 million tonnes lower than before, at 1.806 billion, which is 3.2% above the 2010/11 outturn and would be marginally ahead of the 2008/09 record, mainly because of a reduced US maize (corn) forecast to 845 million tonnes against 849 million tonnes projected in August.
Grain consumption forecast is lowered to 1.82 billion tonnes against 1.824 billion tonnes from the August forecast. Global ending stocks are projected slightly higher than in August: from 342 million tonnes in August to 345 million tonnes in September.
IGC experts pointed out a growing role of the Black Sea region (Russia, Ukraine and Kazakhstan). They said that among the eight major exporting countries, which together will account for some 90% of global trade, there will be substantial declines in shipments by the EU and the United States, which will be more than offset by a sizeable recovery in exports from the Black Sea region.
Exports from Russia, Kazakhstan and Ukraine are projected at almost 50 million tonnes compared to slightly over 20 million tonnes exported last year.
