Despite difficult growing conditions in some parts of the world, the International Grains Council (IGC) is forecasting total grains (wheat and coarse grains) production in the 2021-22 marketing year to reach an all-time high at 2.286 billion tonnes, up 71 million tonnes from last year.
This is reported by ProAgro Group, citing World-Grain.
In its latest monthly Grain Market Report, released on Jan. 13, the IGC also projected global grains consumption to set a record this year at 2.287 billion tonnes, causing a slight decrease in ending stocks year-on-year to 601 million tonnes. It marks the fifth consecutive month the IGC has forecast global ending stocks to contract.
The IGC lowered its total grains production forecast by 1 million tonnes from its November projection as reductions in corn (mostly in South America), oats, barley and rye output offset gains in wheat, led by Australia and Argentina.
Reflecting the impact of hot, dry weather on crop prospects in South America, the IGC’s forecast for global soybean output in 2021-22 is slashed by 12 million tonnes from the November projection to 368 million tonnes, which is still slightly higher than the previous year.
Global soybean stocks are predicted to fall by 6% year-on-year to 52 million tonnes, including a reduction in exporters’ reserves, while trade is forecast to expand by 4% compared to 2020-21 to 167 million tonnes, underpinned by Asian demand.
