International Grains Council says grain production rising, ethanol demand keeping pace

The International Grains Council forecast global grain production for 2009 at 650 million tons, up 5 million tons from the April forecast, but said that increased production would be absorbed by increased ethanol demand. The Council said that global wheat prices have dropped 25-50 percent, reflecting an expectation of increased supplies that have caused a 70 percent drop in wheat futures prices at the Chicago Board of Trade. Meanwhile, corn futures have increased 30 percent on expectations of short supply from increased ethanol production.

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