Trade Council Predicts More Wheat Output In ’95
LONDON (AP) _ The global output of grain should rise by 2.8 percent next year, the International Wheat Council predicted Thursday.
The intergovernmental agency predicted that output of all grains should rise to 1.382 million metric tons for the year ending June 30, 1995, compared with an amended estimate of 1.344 million tons in the current year.
Corn production should reach 837 million tons, up from 789 million this year, the council said. Last year’s corn production came to 864 million tons.
″Although crops are expected to decline or show little change in most countries, output should be boosted by a recovery in the U.S.A and another large harvest in China,″ the council said.
It forecasts that global trade in coarse grains will rise next year by 2 million tons to 84 million, although ″no recovery is yet anticipated in demand from Russia, where animal numbers and meat consumption have dropped sharply in recent years.″ But feed use should continue to rise in the key Far Eastern import market, it said.
The council expects production of coarse grains to outstrip consumption next year, lifting world stocks by the end of the season to 123 million tons from 111 million estimated for the end of the current year.
The council on Thursday also issued its third forecast of 1994-95 world wheat output, putting the coming harvest at 545 million tons - up 2 million tons on its previous projection, but 10 million tons lower than the estimated 1993-94 figure. The 1992-93 harvest was 561 million tons.
The council said it expected reduced wheat output in the former Soviet Union, Canada, Asia and Australia, but bigger harvests in the European Union, the United States and Africa.