LONDON — In its initial forecast for 2018-19, the International Grains Council forecast ending stocks of wheat and coarse grains of 560 million tonnes, down 46 million, or 8%, from 606 million tonnes in 2017-18.
Accounting for the projected decrease is a 14% reduction in corn ending stocks in 2018-19. Wheat ending stocks are expected to fall by only 1.2% in the new crop year.
Corn production in 2018-19 is expected to edge upward by 7 million tonnes in the new crop year to 1,052 million tonnes, but consumption is forecast at 1,094 million tonnes, up 20 million tonnes from the year before.
Global wheat production in 2018-19 is forecast at 741 million tonnes, down 2.2% from the year before.