The International Grains Council (IGC) predicts that the world grain market will have a tighter perspective on inventories for the 2018/19 season. The numbers indicate that stocks 560 million tonnes, the lowest level in five years.
“Sustained demand growth is expected to result in another stock downturn and the proportion of stocks to be used falls to their lowest level in five years,” the IGC said.
The drop in inventories reflects, in part, expectations of a decline in wheat output in the next crop, with a forecast of 741 million tonnes, down 17 million tonnes from 2017-18.