Page 33 - Food Outlook

grains for world markets during the current season. Among the major exporters, the biggest year-on-year increase in inventories involves Brazil where, following a bumper maize crop, ending stocks are projected to triple in size and reach an all-time high of 15 million tonnes. To a much smaller extent, total inventories of coarse grains in Argentina and the Russian Federation are also heading for some increases in 2017/18, more than offsetting projected drawdowns in Australia and the EU.
On a regional basis, Asia ranks first in terms of total stocks of coarse grains held, currently projected at nearly 118 million tonnes. At this forecast level, Asian inventories
would be some 16 million tonnes, or 12 percent, down from their opening levels, mostly because of a sharp reduction anticipated in China maize stocks. The largest Asian and world stock holder of maize is, in fact China, which has nearly 83 million tonnes in its inventories. This represents
81 percent of all maize held in Asia and 35 percent of the world total. However, at 83 million tonnes, China stocks would be down almost 19 million tonnes, or 18 percent, below their opening levels. The sharp reduction is due,
in part, to this year’s fall in production as well as recent attempts by the government to boost domestic maize utilization.
FOOD OUTLOOK NOVEMBER 2017
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COARSE GRAINS