World wheat, corn output to rise
Global wheat output for the 2013-14 crop year is forecast to reach 696 million tons, up from the prior forecast of 693 million tons, the London-based International Grains Council said Thursday.
"Gains in wheat prices over the past month stemmed from crop concerns in Argentina and the Black Sea region. Overall, however, wheat output is expected to rise by 6% on year in 2013-14 and closing stocks are seen up by 7 million tons, at 182 million tons, although this would still be below the level seen in 2011-12," the grains body said.
World corn production for the same period is forecast to hit 948 million tons, up from the prior forecast of 943 million tons, the International Grains Council said.
"Price activity has been mixed in a relatively tight range, with US prices declining on the good supply outlook and better than expected yields, while Black Sea export prices gained on harvest delays and tight logistics," the body said.
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(END) Dow Jones Newswires
October 31, 2013 11:05 ET (15:05 GMT)