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IGC cuts forecast for 2021/22 global wheat crop

The International Grains Council (IGC) cut its forecast for the 2021/22 global wheat crop, reflecting diminished outlooks for Russia, Canada and the United States.

In its monthly update, the inter-governmental body cut its 2021/22 world wheat crop outlook by 6 million tonnes to 782 million tonnes.

Russia’s wheat crop, which has been reduced by hot and dry weather this summer, was seen at 75 million tonnes, down from a previous forecast of 81 million tonnes but above this month’s U.S. Department of Agriculture’s projection of 72.5 million tonnes.

Drought also curbed production in North America and the IGC cut its wheat crop forecasts for Canada (to 24.5 million tonnes from 28.5 million tonnes) and the United States (to 46.2 million tonnes from 47.5 million tonnes).

The impact was partially offset by upward revisions for Ukraine (to 32 million tonnes from 29.5 million tonnes) and Australia (to 30.1 million tonnes from 28.9 million tonnes).

The IGC also maintained its forecast for global corn (maize) production in the 2021/22 season at 1.202 billion tonnes.
Source: Reuters (Reporting by Nigel Hunt Editing by David Goodman)

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