(22 Jan 2015)
- Incorporating a number of revisions since November, global production is now forecast at an all-time high of 992m t.
- With world meat and starch demand continuing to expand, total consumption is forecast to rise by 3% y/y.
- End-season stocks are expected to increase to a 27-year peak. The US carryover is forecast slightly lower than before, but still up by more than 50% y/y.
- Despite recent firm EU import demand, purchases will be down sharply from last year’s record. Shipments to China will also be smaller.