Int’l Grains Council cuts global grain crop estimate


Int’l Grains Council cuts global grain crop estimate

The International Grains Council has lowered its outlook for world grain production.

The London, England based organization sees total global 2020/21 grain production at 2.21 billion tons, down 10 million from the last guess, with reduced corn outlooks for the U.S., Argentina, and Brazil mostly cancelling out increased expectations for wheat in Australia, Canada, and Russia. Still, that’s up from the 2019/20 estimate of 2.186 billion tons. The IGC also lowered world grain consumption, anticipating slower feed and industrial use for corn.

World corn production is pegged at 1.133 billion tons, compared to the prior projection of 1.146 billion and the 2019/20 total of 1.124 billion tons, with wheat at 768 million tons, compared to 769 million in the previous report and 764 million last marketing year.

The soybean production estimate declined 6 million tons to 359 million because of weather related losses in South America and the IGC cut soybean consumption due to slow farmer selling in Argentina. 2019/20 soybean production was 338 million tons.

The USDA’s next set of supply and demand estimates is out February 9th.