IGC ups 2018-19 global wheat output view by 12 mln tn to 728.8 mln

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International Grains Council has hiked its estimate for global wheat production for 2018-19 to 728.8 mln tn from 716.7 mln tn seen earlier.

A record 767.1 mln tn wheat was produced globally in 2017-18.

The forecast has been raised mainly because of higher output projection for the US, China, Russia, and the European Union, it said.

However, unfavourable weather conditions led to a cut in output estimate for Australia to 16.6 mln tn from 19.1 mln tn seen earlier.

Following an increase in output projection, global wheat inventory in 2018-19 is also seen higher at 262.0 mln tn from 249.8 mln tn forecast earlier.

The agency has slashed its estimate for global wheat imports in 2018-19 to 172.0 mln tn from 173.1 mln tn seen earlier.

India’s wheat imports in 2018-19 are seen at 900,000 tn, unchanged from the earlier projection.

It also maintained the country’s wheat output estimate for 2018-19 at 95.5 mln tn. The agency had estimated the country’s wheat production in 2017-18 at 98.5 mln tn.

Global consumption of wheat is now seen at 740.2 mln tn, against an earlier estimate of 733.8 mln tn.

For maize, the grains body cut the global output projection in 2018-19 to 1.0737 bln tn from 1.0743 bln tn seen earlier. However, the projection is still higher than 1.0476 bln tn maize produced in the previous year.

A marginal decrease in maize production estimates is due to lower output estimates for the European Union and the US.

The estimate for global consumption of maize was also reduced to 1.112 bln tn from the earlier view of 1.113 bln tn, it said.

The forecast for rice output in 2018-19 has been reduced slightly to 490.4 mln tn from 490.8 mln tn earlier. Consumption is now seen at 492.3 mln tn, against an earlier estimate of 492.1 mln tn.

International Grains Council has maintained its forecast for ending stocks of rice in 2018-19 at 124.4 mln tn.

cogencis.com
 

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