Global Coarse Stocks Improve

WASHINGTON - Feb 8/08 - SNS -- World coarse grain supplies for 2007-08 are projected slightly higher this month as lower corn production is more than offset by higher sorghum, oats, and rye production, according to the latest outlook from the USDA's World Agricultural Outlook Board.

Corn production is lowered 1.0 million MT for Argentina as extended dryness during the first weeks of January reduced yield prospects. Corn production for Mexico is lowered 0.7 million MT based on lower harvested area. South Africa corn output is raised 1.0 million MT as nearly ideal planting and early growing season weather have supported crop development.

Sorghum production is raised for Mexico on higher area. Sorghum production is increased for Australia on higher expected yields as rains over the past several weeks have dramatically improved growing conditions for summer crops there. Oats and rye production are raised for Russia based on the latest government statistics. A number of small changes to individual country production estimates leave global barley output virtually unchanged this month.

Global coarse grains imports and exports for 2007-08 are nearly unchanged with ending stocks rising slightly on higher production. Corn exports are lowered 1.0 million MT for Argentina, but raised 0.7 million MT for South Africa with both changes driven by updated production prospects.

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