JEDDAH, SAUDI ARABIA — During the 40th council session of the International Grains Council (IGC) Dec. 9-10 in Jeddha, Saudi Arabia, members reviewed the latest Grain Market Report, which shows production in 2014-15 to be mostly unchanged from the previous year.
Consumption, especially for feeding, is expected to expand while end-season stocks are forecast to increase 6%, to a 15-year peak, due to large carry-ins. Traded volumes are expected to fall 3%, including reduced shipments of wheat and maize. In terms of the outlook for 2015-16, global wheat output was expected to contract, as a return to average yields was expected to outweigh a slight increase in harvested area.
World rice stocks in 2014-15 are expected to decline due to a drop in inventories by leading exporters, namely India and Thailand. Led by the U.S. global soybean output is expected to expand by 8%, with carryovers expected to increase significantly.
Also during the meeting, the IGC considered administrative matters including an update on its economic work program. The secretariat presented medium-term supply and demand projections highlighting that supplies of grains, rice and oilseeds are expected to tighten during the next five years.
On Dec. 10, representatives from a number of countries participated in the International Grains Forum, a one-day event organized by the Grain Silos and Flour Mills Organization and the IGC. Ten leading experts presented on topics such as prospects for grain supply and demand, food security and issues related to grain storage. Future developments in Saudi Arabia and the area as a whole were also dicussed.