Record cereal crops in 2014/2015 season
The global cereal crops in 2014/2015 season might exceed 2 billion tonnes. Such forecast was presented by the International Grains Council (IGC) in a report published in January.
Rising cereal crops worldwide
The November 2014 estimates of global cereal crops were corrected by 12 million tonnes in January 2015. At present the total is 2003 million tonnes, rice excluded. This means that the forecast surpasses the highest production level ever, or the crops in 2013/2014 season, by 0,1 percent. The total supply of cereals, which is made up of this season’s production and the initial reserves, is 2404 million tonnes, or 69 million tonnes (2.9%) more than in the last season.
Higher maize crops and a slightly lower wheat crops
Estimated maize yield rose and caused the total estimation to grow. According to IGC experts’ calculations, maize production level in 2014/2015 is going to reach 992 million tonnes. This figure is higher by 10 million tonnes than the previous estimation and by one million ton higher than the record crops of 2013/2014. The change results from he growth of production in Argentina by 7 million tonnes as well as slightly better yield in Ukraine, the European Union and India – by 1-2 million tonnes in each region.
According to declarations, the production of wheat in 2014/2014 season is 717 million tonnes, or 0.2 million tonnes less than in the previous forecast and by 4 million higher than in the previous year.
Another season of low cereal prices
Record crops of maize crops have brought about a fall of prices on the global scale starting from the beginning of 2014/2015 season, or from October 2014 to January 2015.
The first four weeks of 2015 saw the purchasing prices of basic types of edible and fodder cereals rise.