IGC raises forecast for 2021/22 global corn crop
The International Grains Council (IGC) raised its forecast for global corn (maize) production in the 2021/22 season mainly driven by an improved outlook for number two producer China.
In its monthly update, the inter-governmental body raised its global corn production outlook by 7 million tonnes to a record 1.201 billion tonnes.
It raised China’s 2021/22 corn crop forecast to 272.8 million tonnes from 267.3 million.
The IGC trimmed its forecast for the 2021/22 global wheat crop by 1 million tonnes to a still record 789 million tonnes.
The report noted, however, that despite record crops of corn and wheat there would only be a marginal rise in global grain stocks in 2021/22.
“With food, feed and industrial uses all predicted at records, only a slight increase in carryover (grain) stocks is envisaged, leading to a drop in the all-grains stocks-to-use ratio to an eight-year low of 26%,” the IGC said.
It maintained its soybean production forecast for 2021/22 at a record 383 million tonnes.
Source: Reuters (Reporting by Nigel Hunt; editing by Jason Neely)