F.O. Licht's Grains Production Update: New figures highlight overall tight balanceThis article was originally published in The Public Ledger
The July projections for grain balances in 2012/13 (all Jul/Jun marketing year) include new output estimates for the Southern Hemisphere which underline the tight balance. The outlook for the coming season for the supply side is good, but the projected surplus depends strongly on the US corn output. However, when considering the worldwide level and the distribution of stocks, the situation remains fragile, despite the recent price declines.