I.G.C. raises world wheat carryover forecast
October 30, 2009
by Josh Sosland
LONDON — Global wheat ending stocks in 2010 were forecast at 188 million tonnes in data issued Oct. 29 by the International Grains Council. The projection was up 3 million tonnes from figures issued by the I.G.C. Sept. 24 and was up 14% from 165 million tonnes in 2009. The carryover was only 118 million tonnes in 2008. In market commentary devoted to the outlook for world grain supply and demand, the I.G.C. said planting of winter wheat was proceeding well, despite wet weather in North America and dry weather elsewhere. "Some growers, especially in the United States, have been prompted by the recent fall in wheat prices to reduce sowings, and the global wheat area in 2010 is expected to be smaller than this year’s," the council said.