F.O.Licht's World Grains Production Update - November 2013Friday November 01 2013

摘要

The outlook for the 2013/14 (Jul/Jun: except where stated) grain season for the supply side poin to some improvements, especially due lo stronger output estimates from the Black Sea producers, the European Union and especially in North America. Goingfarther into the 2013/14 crop year, there maybe some bullish input for prices from lower than expected wheat and corn supplies in Argentina. However, when compared with last month, the expectations on the 2014 Black Sea harvests have improved. When considering the worldwide inventory lewis for the key cereals, there are no signs of a glut of grams on the global market, despite the positive harvest outlook and the higher corn stocks with main exporters.World grains supply in 2012/13 fell by 4% due to the weak results in the United States and the former CIS-countnes. fn addition, the EU wheat and corn outputs -were the lowest since 2007. Some relief for the tight feed grain markets came from strong cornharvests in South America.Our estimate for grains output in 2012/13 had lo revised up marginally. South Africa's Crop Estimates Committee (CEC) raised the outlook for the 2013 corn harvest to 11.7 mm tonnes from 11.5 min. There were reports on higher than expected deliveries bygrowers. said CEC.