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International Grain Estimates Reduced

posted on October 27, 2006

In a preview of a multiyear report on climate change due next year, scientists this week outlined what nine of the world's top computer models are forecasting for planet earth. According to the National Center for Atmospheric Research, the Mediterranean region, Brazil and the western Untied States will suffer longer heat waves, heavy rainfalls and numerous extended droughts over the next century because of global warming. While the prediction of extreme weather also includes fewer freezes and longer growing seasons, it is cause for concern -- especially when you consider drought already is taking its toll on global coarse grain production
International Grain Estimates Reduced In its latest report, the International Grains Council this week reduced its estimates of 2006-07 world wheat and corn production.

The Council estimates ‘06-07 global wheat production at 585 million metric tons. That's 3 million less than last months prediction, and 33 million less than its estimates for the 2005-06 crop year. The reduced forecast comes in the wake of the worst drought in Australia in the last century.

The IGC is calling for 2006-07 global corn production to total 690 million metric tons. That's down 8 million bushels from last month's "guesstimate." Noting strong demand for ethanol, the IGC is calling for global corn demand to increase next year to a record 722 million metric tons -- up 3 percent from this year.

Tags: agriculture corn crops markets news wheat