(26 Jun 2014)
- The 2014/15 maize crop forecast is increased by 8m t from May, mainly reflecting improved prospects in China.
- Despite expanding demand, world ending stocks are forecast to increase for a fourth consecutive year. Inventories in China are growing and may account for almost half of the world total.
- Given favourable early prospects for the US crop and, with large South American crops looming, world prices were under pressure throughout June.
- US markets were particularly weak, as strong ethanol demand and worries about localised flood damage provided only limited support. With losses elsewhere too, the IGC GOI maize sub-Index was down by 7% m/m.