The IGC forecast that global grains production in 2013/14 would rise 8.1 percent to 1.90 billion tonnes, outstripping consumption which was seen up 4.3 percent at 1.88 billion. "Assuming average weather conditions, output is expected to recover sharply from this season's low, rising 8.1 percent year-on-year in 2013/14 followed by growth of 1.6 percent per annum for subsequent years," the IGC said in a document providing supply and demand projections to 2017/18.
Grain stocks at the end of the 2013/14 season were seen at 346 million tonnes, up from a five-year low of 325 million a year earlier. Global consumption growth, was, however, expected to outpace production in subsequent years, with stocks seen falling back to 329 million by the end of the 2017/18 season. "Animal feed use of grains dominates the outlook, expanding at an average rate of 2.5 percent per annum over the same period (2014/15 to 2017/18), compared to 1.2 percent for food," the IGC said, adding project demand growth was dominated by maize.