Slowing demand for animal feed this season will leave the world with a bigger hoard of grains than previously thought, according to the International Grains Council. Bloomberg reports that while production from bumper harvests will be slightly less than predicted in November, carryover stockpiles of grains excluding rice will increase 1.9 percent to 455 million metric tons in 2015-16, the highest in almost three decades. That is one million tons more than the previous forecast. Wheat and corn futures declined for a third year in 2015.
That is because large harvests around the world led to ample supplies of many different grains. The International Grains Council cut its estimate for total grains demand by just under a one-half percent.