(30 Oct 2014)
- Despite further upgrades to US and EU crop forecasts, world production is still placed slightly short of last year’s record, due to expected declines in China and South America.
- Global supplies appear comfortable, particularly in the key exporters, with ending stocks forecast at their highest since 1987/88.
- Consumption is projected to increase to a new record. With world meat production continuing to rise, competitively-priced maize should be well placed to capture additional demand.
- During October, prices consolidated from recent sharp losses, but remained close to four-year lows. Mostly led by strength in US futures, the IGC GOI maize sub-Index was 11% higher m/m.