F.O. Licht's Grains Production Update: Better outlook for world grain harvestsThis article was originally published in The Public Ledger
The outlook for the 2013/14 (Jul/Jun; except where stated) grain supplies points to an improved situation when compared with last month. There were some upward revisions and a slight cut for the US corn harvest estimate. The supply outlook for 2013/14 is now for an 8% y/y growth, a multi-year high. However, the worldwide inventory levels for the key cereals indicate no signs of a glut of grains, as it was the case after the 2008 and 2009 harvests, despite the positive harvest outlook.