IGC Lifts Global Grain Production Forecasts
February 25 2021 - 9:07AM
Dow Jones News
By Will Horner
The International Grains Council raised its forecasts for global
grain production in the 2020-21 on Thursday, thanks to stronger
than expected wheat crops in Australia and the Black Sea
region.
The intergovernmental body said in its monthly grains market
report that it now expects grains harvests to total 2.216 billion
metric tons, six million tons more than it had last forecast.
Larger than previously forecast wheat harvests in Australia,
Russia and Kazakhstan drove the revision, the IGC said, while
soybean and corn harvests were also revised slightly higher.
Wheat harvests are now expected to yield 773 million tons of the
grain, up from 768 million in the IGC's January forecasts. Soybean
harvests are expected at 360 million tons, up by 1 million tons,
and corn forecasts are seen at 1.134 million tons, also 1 million
tons higher than last month's forecast.
Forecast for consumption levels were also revised higher,
meaning no change to the IGC's forecast for carryover stocks.
The IGC expects grain consumption to total 2.222 billion tons in
the 2020-21 season, compared with forecasts of 2.216 million tons
in its January report.
The IGC's forecasts mean it is expecting the 2020-21 season to
produce a record amount of grain, 31 million tons more than in the
previous season.
Write to Will Horner at william.horner@wsj.com
(END) Dow Jones Newswires
February 25, 2021 08:52 ET (13:52 GMT)
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