IGC Ups World 2009-2010 Grain Output To 1.76 Bln Tons

The International Grains Council Thursday revised world grain production for 2009-10 to 1.76 billion metric tons, up slightly from the September estimate of 1.75 billion tons, mainly due to the larger-than-expected U.S. corn crop.

The figure is 33 million tons below 2008-09 grain production. World 2009-10 corn production was revised to 789 million tons, up from the September estimate of 785 million tons and 1 million tons below 2008-09 production. The IGC also increased its world 2009-10 wheat production forecast by 1 million tons on the month to 667 million tons. The figure is 2.9% lower compared with 2008-09’s record crop.

World wheat plantings are expected to fall on the year due to low prices. “Some growers, especially in the U.S., have been prompted by the recent fall in wheat prices to reduce sowings, and the global wheat area in 2010 is expected to be smaller than this year’s,” said the report.

Source: CME Group