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World grain stocks hit new highs

The International Grain Council (IGC) has lifted its forecast for total wheat production again.



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Total global wheat production has been lifted 7 million tonnes from a month ago, to 729m tonnes.

 

The IGC warned ‘the wet finish to the growing season in several countries will likely have a negative impact on average quality’, leading to more wheat in animal feed.

 

But even with heavier use of wheat in feed, the world wheat balance was expected to be comfortably in surplus, with world production outstripping demand by 3m tonnes.

 

See also: Combines set to roll next week?

 

Prospects for barley production were also raised, pushing total grain stock forecasts to a record high. World grain production is now at 2.026bn.

 

In France, wheat quality has been steadily declining following heavy rains over the past month.

 

FranceAgriMer, the French farm office, reported the proportion of wheat rated good or excellent was down six points week-on-week, at 65 per cent. There was a four-point drop the previous week.

 

Heavy rains in parts of France, Belgium, the Netherlands, Germany and Austria in May and June meant pests and disease pressure increased while winter cereals were flowering.

 

Algeria, the biggest importer of French wheat, has also cut yields, which means demands for imports will increase.


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Controls

Algeria imposes strict protein controls on wheat imports, as most wheat is used in bread and couscous, which require higher grade grain.

 

However, the French price remained under pressure from heavy world stocks and production.

 

Markets in Paris extended losses following the news US farmers sowed even more acres of spring wheat than previously expected.

 

Winter barley conditions also fell to 62 per cent rated good or excellent, a five-point drop from the previous week.

 

France and Germany, the areas worst hit by the wet weather, are expected to account for 45 per cent of EU malting barley production in 2016/17.

 

The French crop is the main concern, with early harvest results showing lower than ideal specific weights so far.

 

This could lead to more feed barley on the continent.

 

Reports also suggest prolonged dry weather in Scandinavia may have impacted yields.

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