IGC cuts record-large world grain production outlook slightly

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MarketsFarm — World grain production for 2020-21 was revised slightly lower by the International Grains Council in its latest report Thursday, but the group is still anticipating record large supplies overall.

Wheat and coarse grains are forecast to total 2.226 million tonnes, which would be down by one million tonnes from the September forecast but still up by 41 million tonnes on the year.

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Large wheat, sorghum, oats, and rye crops are partially responsible for the global increase. Large corn crops in the United States and Brazil also contributed to the upward estimate.

Grain consumption is also expected to rise by 29 million tonnes year over year, totalling 2.223 million tonnes. Total grains carryover stocks at the end of 2020/21 are projected to only rise by three million tonnes.

Large soybean output from the U.S. and South America is expected to boost soybean production by nine per cent compared to the previous growing year, totalling 370 million tonnes, a three million-tonne decrease from previous estimates.

However, global carryout is expected to be largely unchanged, based on expectations that Chinese feed demand will increase in lockstep with the larger crop production.

— Marlo Glass reports for MarketsFarm from Winnipeg.

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