World cereal inventories in 2017/18 MY increased by 15 million tons
As a result of this month’s large upward adjustments to wheat and coarse grain production forecasts, world cereal stocks are now seen hitting a new high of 719 million tonnes, up 13.8 million tonnes (2 percent) from their already high opening levels and 15 million tonnes (2.1 percent) above the July forecast.
This is reported by FAO.
This level would keep the stocks-to-use ratio of cereals above the 20-percent mark for the fourth consecutive season.
Global wheat stocks (ending in 2018) are forecast to hit an all-time high of 262 million tonnes. The new forecast stands 6 million tonnes above the July figure on expectations of buildup of inventories in the Russian Federation following a bumper 2017 harvest.
The forecast of coarse grain inventories (ending in 2018) has also been raised by 8.7 million tonnes, mostly on higher-than-earlier anticipated build-ups of maize stocks in Brazil. At 233 million tonnes, the forecast for world maize inventories is up 7.6 million tonnes from July.