IGC Going Against The Grain

The London-based International Grains Council have today increased their global wheat production estimate for 2010/11 by 4 MMT to 664 MMT, saying that improved prospects in the US, China, Australia and Iran outweighed the anticipated lower output from Canada.

They also increased world wheat consumption by a convenient 4 MMT to 658 MMT, leaving bottom line ending stocks unchanged at 201 MMT, equivalent to around 112 days worth of supply.

I can only assume that they were trying to rush these figures through yesterday afternoon over a few prawn sarnies and lashings of G&T's so that they could settle down to watch the footie at 3pm, seeing as just about every other man and his poodle are revising their numbers lower.

"Up four on supply, matched by up four on demand, what do you say Tarquin?"

"Bally good idea to me Peregrine old chap, fill her up again will you, and I'll have a slice of lemon this time. I say, are we the chaps in red or the bounders in white? Rugger's my game really, too much kissing with these footie wallers dontyaknow, bottom fettlers the lot of 'em if you ask me. We didn't have none of those shenanigans in my day. Tompkins-Smythe, our old PE teacher, used to make us play stark naked if we forgot our kit you know. He was a hard man, hard but fair. He forgot his kit quite a few times too as I recall...."

An official from the IGC, possibly