date:Nov 01, 2012
in June to 122.8 in September and 122 in October for the current year.
The USDA estimates show a reduction in production from June forecasts of 375.7 million tonnes to 271.9 million tonnes this October. The USDA also shows that demand has been reduced from 301.6 million tonnes in June to 254 million tonne in October.
However, the forecast for end stocks is also showing a high drop down from 47.8 million tonnes in June to just 29.2 million tonnes in October.
Mr Watts told the conference that b