Increased planting, better yields will affect numbers, says International Grains Council
The global grain harvest is predicted to grow 7 percent in the 2013–2014 season due to increased planting and better yields, according to the International Grains Council. Output may reach 1.91 billion metric tons, up from 2012–2013’s 1.78 billion metric tons, rebuilding depleted stocks.
Drought in the U.S., Ukraine and Russia hurt corn and wheat production in 2012. In 2013, U.S. farmers are expected to sow the most acres of corn in 77 years, according to March U.S. Department of Agriculture data. For corn, “output is forecast to increase 10 percent year-on-year, with harvested area and average yields both projected to be higher,” said the council. “Closing stocks will be very tight at the end of 2012–2013, but are set to increase sharply, rising to above-average levels in 2013–2014.”
World corn production may increase to 939 million metric tons in 2013–2014 from 851 million metric tons in 2012–2013, according to the report. Stocks will climb to 143 million metric tons at the end of the season from 117 million metric tons. The global wheat harvest may reach 680 million metric tons, up from 655 million metric tons in 2012–2013, according to the council. Stocks may increase to 181 million metric tons from 179 million metric tons.