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Corn Leads Coarse Grain Stocks Higher
WASHINGTON - Feb 11/03 - SNS -- World rice stocks are expected to finish the current marketing year at a higher level than first thought, with the USDA lifting its projection from 105.1 million metric tons (MT) to 107.53 million.
World 2002-03 rice production is projected at 381.7 million MT, up 1.2 million MT from last month, but nearly 17 million MT (4%) below 2001-02, and the smallest crop since 1996-97.
This month's increase in production is due primarily to larger crops projected for Indonesia, the Philippines, Thailand, and Vietnam.
Ending stocks in 2002-03 are projected at 107.5 million MT, 2.4 million MT (2%) above last month, 26.5 million MT (20%) below 2001-02, and the smallest stocks since 1987-88. This month's increase in stocks is due primarily to larger stocks projected for Indonesia, Iran, Thailand, and Vietnam.
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