(23 Apr 2015)
- While 2014/15 southern hemisphere harvests are still some months from completion, crop prospects in Brazil and Argentina remain mostly favourable and world production should exceed the previous year’s record.
- A fourth consecutive year of stock building is expected, with cumulative carryovers now seen above 200m t.
- Global 2015/16 plantings are forecast to dip slightly. Assuming yields are in line with recent averages, output may drop by 4% y/y.
- While smaller crops may contain use in some countries, global consumption is forecast to edge higher. Stocks are projected to decline.