I.G.C. raises 2014 wheat carryover forecast
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LONDON — World wheat ending stocks in 2014 were forecast at 180 million tonnes in data issued Sept. 26 by the International Grains Council. The projection was up 4 million tonnes form the Council’s forecast at the end of August and would be up 5 million tonnes, or 2.8%, from 175 million tonnes at the end of 2012-13. The I.G.C. world wheat crop forecast for the current crop year was 693 million tonnes, up 2 million tonnes from August and up 6% from 655 million tonnes in 2012-13. Despite the emergence of some wheat quality concerns, the I.G.C. said prospects for adequate supplies in 2013-14 have weighed on prices in recent weeks. The higher ending stocks figure from last month was attributed to raised forecasts in major exporters and China.