IGC sees US and Chinese corn ethanol bringing down global grain stocks to three-year lows

In the UK, the International Grains Council expects increased demand for ethanol in China and the US to wear down grains stocks to three year lows at 479 million metric tons by the end of this season, 12 million tons lower than its previous estimate. The IGC sees global corn stocks to fall below 200 million tons, in line with the USDA’s estimate, while export availability for wheat fell by 5 million tons to 68 million tons, for a total of 239 million tons of wheat.