IGC Ups World 08-09 Grain Ouput 16MMT, Wheat Up 7MMT

The International Grains Council last night forecast 2008-09 world grain ouput at 1.77 billion tonnes, up 16MMT from last month, and a staggering increase of 81MMT on a year ago.

World wheat production is now seen at 683MMT, 7MMT more than last month, with world corn output at 773MMT, an increase of 2MMT from a month ago.

"As northern hemisphere harvesting neared completion, many major producers' grain yields exceeded expectations," the IGC said. "The better-than-expected global harvest boosted global output figures despite further deterioration in prospects in Argentina and Australia," they added.