I.G.C. cuts wheat carryover forecast slightly
October 29, 2010
by Josh Sosland
LONDON — World wheat ending stocks in 2010-11 were projected at 181 million tonnes in the latest forecast of the International Grains Council, down 2 million tonnes from the September forecast and down 7% from 2009-10. The carryover would still be larger than the 168 million tonnes in 2008-09 and much larger than the 124 million and 121 million in 2006-07 and 2007-08, respectively. The I.G.C. noted that prices over the past month were driven sharply higher for a time by strength in corn markets but then retreated. “Prices derived some renewed strength toward the end of October from concerns about prospects for the next U.S. winter wheat crop as well as disappointing early harvest quality results in Australia,” the I.G.C. said. The forecast for the 2010-11 maize carryover was 125 million tonnes, down 6 million from September and down 18% from 2009-10. It would be the smallest corn carryover since 117 million tonnes in 2006-07.