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International Grains Council raises 2021-22 global grain output estimate by 3 million mt

The International Grains Council has reduced its estimate for global grain production by 3 million mt to 2.287 billion mt for the marketing year 2021-22, according to its monthly outlook released Nov. 18. The production estimate has been cut largely due to a reduction in global wheat output.

The council also reduced its global grain consumption projection by 1 million mt from its October estimate to 2.290 billion mt for MY 2021-22 due to an uptick in corn production.

It has kept its estimate for global grain trade at 421 million mt in its November report. The council has also maintained its projection for global carryover stocks at 600 million mt.

For wheat, the output estimate was decreased by 4 million mt to 777 million mt, while the trade estimate was raised 2 million mt to 196 million mt. The council reduced its projection for global wheat consumption to 782 million mt from 783 million mt last month. It has also reduced the forecast for wheat carryover stocks to 274 million mt from 276 million mt in the October report.

It raised global corn output estimate for MY 2021-22 to 1.212 billion mt from 1.210 billion mt in October, while the trade estimate was lowered slightly to 177 million mt from 178 million mt.

The council raised global corn consumption estimate to 1.203 billion mt from 1.201 billion mt. It also raised global corn carryover stocks by 2 million mt to 287 million mt.

For rice, the production estimate was maintained at 513 million mt. The trade estimate, too, was maintained at 48 million mt and consumption forecast was kept steady at 510 million mt. It has raised the global carryover stocks seen steady to 184 million mt, up from 182 million mt seen a month ago.

The forecast for global soybean production was kept steady at 380 million mt, while consumption was cut 1 million mt to 375 million mt. It reduced global trade projection by 2 million mt to 168 million mt while carryover stocks were maintained at 60 million mt.
Source: Platts

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