Rice & corn harvest to go up in 2017, wheat to fall – FAO
The Food and Agriculture Organization sees an increase in production of rice and corn next year but sees wheat crops declining.
In its April 2016 Market Monitor, the FAO forecast rice production increasing to 495 million tons next year, slightly lower than the forecasted 490 million tons for this year. Corn production is seen rising to 1.014 billion tons from 1.002 billion tons this year. Wheat production which is expected at a record high of 733 million tons this year is expected to drop to 713 million tons next year.
The monthly Market Monitor is produced by the FAO’s Agricultural Market Information System.
“Forecasts for wheat, rice, and maize supply and demand in 2016/17 suggest another season of large availabilities and continuing slow growing consumption. However, with wheat production in 2016 projected to decline below the 2015 record and to fall short of utilization in 2016/17, global inventories will need to be drawn down,” the report said.
“Maize and rice stocks, while remaining large, are also anticipated to end lower in 2017,” it added.
The AMIS sees wheat consumption dropping slightly to 723 million tons next year, slightly lower than the 724 million tons expected this year. Corn consumption is expected to rise to 1.024 billion tons in 2017 from this year’s 1.002 billion tons while rice consumption is forecast at 503 million tons from this year’s 496 million tons.
Existing stocks of wheat, corn, and rice will be drawn from to fill up the supply gap. This year, wheat stocks are at 204 million tons, corn stocks are at 216 million tons and rice stocks are at 169 million tons, enough to make up the difference between supply and demand. (Eileen A. Mencias)