IGC: World total grains production cut on reduced Brazil maize production

Published 2021년 6월 25일

Tridge summary

The International Grains Council (IGC) has revised its global grains production forecast down by 3 million tons to 2,216 million tons for the 2020/21 season, primarily due to a decrease in Brazilian maize production. Despite this, the global trade of grains is projected to increase by 5 million tons to 425 million tons, largely driven by higher imports by China. For the 2021/22 season, global grains production is expected to rise by 9 million tons to 2,301 million tons, with increased projections for maize, oats, and minor grains. Global soybean production for 2020/21 is slightly higher at 363 million tons, and the rice production is also at a record high of 504 million tons.

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Original content

A reduced outlook for Brazilian maize is mainly behind a 3m t m/m (month-on-month) cut for world 2020/21 total grains (wheat and coarse grains) production, to 2,216m, the International Grains Council (IGC) said in its latest monthly report. With total consumption fractionally higher m/m and opening stocks trimmed, the carryover at the end of 2020/21 is lowered by 5m t. Mostly linked to larger than envisaged imports of maize, barley and sorghum by China, the forecast for global trade (Jul/Jun) is raised by 5m t, to 425m, it said. For 2021/22, increased projections for maize (+7m t m/m, mainly China) oats and minor grains (millet/triticale) lift the global production forecast by 9m m/m, to 2,301m, the IGC said, adding that given the lower carry-in and higher use, stocks are 2m t bigger m/m, at 597m. Larger predicted wheat imports in Near East Asia help to boost the total grains trade projection by 3m t m/m, to 418m. On the basis of revised South American estimates, global soyabean ...

Source: Indoasiancommodities