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After a record harvest last year in Turkey, grain stocks are full.
MY2016/17 rice production is revised down to 17 million metric tons due to water shortages.
Production of rice, beans, and pulses is forecast to decline in MY 2015/16 due to unfavorable weather conditions.
Post continues to forecast MY 2016/17 wheat production at 88 million metric tons (MMT) based on the initial harvest reports from the major producing states.
According to Statistics Canada planting intentions and assuming average yields, Post forecast total production of wheat, barley, corn and oats to reach 53.6 million metric tons (MMT) in 2016/2017.
Total wheat production increased 8% in MY2015/2016 reaching 1.6MMT. Production is expected to decrease on MY2016/17 as prices for domestic producers declined in MY2015/16.