(25 Jun 2015)
- World 2014/15 production is forecast just short of 1bn t. While demand is also seen at a new record, closing stocks will be very large.
- Assuming some pullback in average yields, 2015/16 harvests should mostly be smaller, but supplies are likely to remain quite comfortable.
- While consumption growth is forecast to lag recent norms, use for feed, food and industrial processing is expected to rise.
- Trade will remain well above average, with most large importers seen buying more.