World grain output to rise by 5m tonnes
Washington, September 28, 2008
The world grain output will be 1.754 billion metric tonnes for 2008-09, according to International Grains Council (IGC), a report said.
This is five million tonnes higher than the forecast made last month by IGC, it is also up 66 million tons, or 3.9 per cent on the year, according to the report by Commodity Online.
However, IGC has lowered its forecast for corn while raising its forecast for barley. Wheat production in 2008-09 is forecast to reach a record 676 million tons, up four million tons on the August forecast and up 11 per cent on year, said IGC.
The downward revision of 2008-09 corn production estimates to 771 million tons, down three million tons on the August forecast, was driven by reduced expectations of crops in Argentina and Mexico.
Corn production is forecast to be down two per cent on year compared with 2007-08’s output of 789 million tons, said IGC.