(29 Aug 2014)
- Northern hemisphere yield prospects continued to improve in August, including in the US, where crops have benefitted from a prolonged period of benign weather. Forecast world production is increased by 4m t compared to July.
- However, with output in Ukraine, India, Brazil and South Africa forecast to decline, global production may still fall by 1% y/y.
- The Council’s global ending stocks forecast is increased for a fourth consecutive month, with cumulative carryovers seen at their largest since 1987/88. Major exporter stocks appear ample.
- Export prices slumped to fresh four-year lows on pressure from bearish fundamentals and strong competition for business.