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IGC raises forecasts for 2020/21 global wheat crop

The International Grains Council (IGC) on Thursday raised its forecast for global wheat production in the 2020/21 season, partly reflecting upward revisions for crops in Australia, Kazakhstan and Russia.

In its monthly update, the inter-governmental body increased its global wheat crop forecast by 5 million tonnes to 773 million tonnes.

The IGC raised its forecast for Australia’s wheat crop to 33.3 million tonnes from a previous forecast of 31.2 million and more than double the prior season’s 15.2 million.

Last week, Australia’s chief commodity forecaster said the 2020/21 season would bring a record wheat harvest, after heavy rains boosted yields in key producing regions in the east.

The IGC raised its outlook on Kazakhstan’s crop to 14.3 million tonnes, a three-year high, from 12.4 million.

It put Russia’s crop at 85.3 million, up from 84.5 million seen previously.

The IGC said there was no change to its preliminary outlook for the 2021/22 season with wheat production still seen at a record 790 million tonnes.

World corn (maize) production in 2020/21 was seen at 1.134 billion tonnes versus 1.133 billion previously.

The IGC nudged up its rice production outlook to 504 million tonnes from 503 million and its soybean outlook to 360 million tonnes from 359 million.
Source: Reuters (Reporting by Nigel Hunt; editing by Jan Harvey and Jason Neely)

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