World grain stocks third highest on record — FAO

The forecast for world grain stocks by the close of seasons in 2020 has been raised by almost 14 mln t (1.6%) since the previous month to 863 mln t, FAO reports.

It is noted that marginally the stocks are down from the previous season and the third highest on record.

"At this level, the global cereal stock-to-use ratio would also approach a relatively high level of 31%, underscoring a comfortable supply situation," the report reads.

As reported, the forecast for world wheat inventories has been scaled up by 3 mln t since the previous month to close to 278 mln t, mainly on expectations of larger stock build-ups in several major exporting countries.

At just over 403 mln t, total coarse grain inventories are also seen higher than earlier anticipated by almost 10 mln t, reflecting upward revisions to maize inventories especially in China and, to a lesser extent, in the United States, FAO analysts add.

Ukrainian seaports have shipped 26 mln t of staple grains for export since the start of 2019/20. As of December 6th, commodities shipment increased by 6.79 mln t from the comparative period of the previous year.