(19 Nov 2015)
- With reports of drought damage in China, the world production forecast is lowered by 3m t, to 967m, down 5% y/y.
- Global demand is forecast to dip by 1% y/y, as some feed and industrial users turn to more competitively priced alternatives, including wheat and sorghum.
- While China’s stocks are predicted to account for almost half of the global total, supplies elsewhere, including in the major exporters, remain comfortable.
- Imports in the year ending June 2016 are forecast to edge to a new record. Brazil is on track to account for almost 25% of all exports.