Monday, December 17, 2018
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World Corn Harvest-to-Stocks Outlook Cut by IGC on Delays

World corn output and ending stocks of the grain will be lower than predicted a month ago as U.S. planting delays shave 10 million metric tons off the outlook for the biggest grower, the International Grains Council said.

Farmers around the world are now expected to harvest 950 million tons of corn in 2014-15, falling from 965 million tons in the prior season and 11 million tons below a March outlook, the London-based IGC wrote in an e-mailed report.

Chicago corn futures have gained 21 percent this year as cold delays Midwest corn seeding and on concern tension between Russia and Ukraine will disrupt shipments from the Black Sea region. Wheat rose 16 percent amid worries dry conditions in Europe and the U.S. Plains will hurt yields.

The outlook for total world grain output was cut by 14 million tons, "largely due to a 10-million reduction for U.S. maize, given delays to planting and the likelihood of more acreage switching to soybeans," the IGC wrote, using another name for corn.

Corn stockpiles may rise to 163 million tons by the end of the 2014-15 season from 158 million tons a year earlier, according to the IGC, which cut its March outlook for inventories to rise to a 15-year high of 171 million tons.

World wheat production is projected to slip to 697 million tons from 709 million tons, while stocks of the grain may drop to 187 million tons from 190 million tons, compared with the IGC's March outlook for inventories to remain unchanged.

"While there are some persistent concerns over less than ideal crop conditions, especially for winter wheat in the U.S., overall availabilities and 2014-15 wheat crop prospects remain generally good," the IGC wrote.

To contact the reporter on this story: Rudy Ruitenberg in Paris at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: Claudia Carpenter at This email address is being protected from spambots. You need JavaScript enabled to view it. John Deane, Sharon Lindores

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  • adrian muller has conducted seminars for the chicago board of trade, including a key series in 1999 which cautioned about a top in the equity markets (see his article “top experts and statistics on the dow”). adrian muller has appeared on cable tv financial programs with analysis on the futures markets and equity market directional forecasts. he has been quoted in barron's, the wall street journal, and futures magazine.

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