IGC Ups 2009-10 World Wheat Output To 675M Tons

World 2009-10 wheat production has been revised higher to 675 million metric tons, up 1 million tons on the month, the International Grains Council said Thursday.

However, it remains lower than 2008-09’s record production of 686 million tons, said the IGC.

For the new crop in 2010, world wheat production is expected to fall to around 659 million tons, due to a 0.8% decrease in world plantings, said the IGC.

“Assuming average yields, output in the EU may increase but a small decline is likely in Russia and Ukraine,” said the report, adding that U.S. production is also expected to fall on the year.

World 2009-10 grain production has been revised up 6 million tons on the month to 1.774 billion tons following better-than-expected prospects for Argentina’s corn crop, said the report.

World 2009-10 corn production was revised up 6 million tons on the month to 797 million tons. This is also up 6 million tons on the year.

The upward revisions to production estimates have seen 2009-10 world grain stocks pushed higher to 390 million tons, up 5 million tons from the January forecast of 385 million tons and up 7.7% on the year, said IGC.

Source: CME Group