Головна Market News Daily IGC GOI index continues to decline

Daily IGC GOI index continues to decline

According to ProAgro, IGC daily index of grain and oilseeds during the last month showed a negative trend.

One of the key factors in reducing of the main IGC GOI indicator was the fall in soybean prices on global trading markets. According to the forecast of the International Grain Council in MY 2016/17, global gross harvests of soybeans will reach 336.5 MMT, which is 6.8% higher than the result of the previous month. According to IGC analysts, the increase in gross fees will lead to an increase in the world export of oilseeds by 3.3% to 138.7 MMT. Soybean processing indicators are expected to reach 296.2 MMT (+ 4.4% compared to the past season). At the same time, reserves are expected to grow by 8.1% to 34.8 MMT.

Corn price index also shows signs of noticeable decrease. According to the IGC forecast, in MY 2016/17 the world harvest of this crop will reach 1049.4 MMT, increasing by 7.9% in comparison with the result of the last year. Analysts of IGC do not expect the growth of the world trade in corn in the current season; on the contrary, the decrease is forecasted down to 135.6 MMT (against 136.0 MMT in the previous season). At the same time, feed consumption of corn can reach 602.5 MMT (+ 6.7% against 566.8 MMT). Still, reserves for the end of the season are expected to grow by 6.9% to 209.2 MMT.

In addition, according to IGC analysts, the world wheat production in MY 2016/17 will reach 752.5 MMT, which exceeds the previous season by 2.2%. Given the corresponding change in global trade indicators, the aggregate world supply of wheat in MY 2016/17 is expected at 973.8 MMT (+ 3.5%). However, the additional volume of production will not be completely absorbed by the world market, as a result of which the transitional reserves are forecasted at the level of 236 MMT (+ 6.6%).

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