Global grains production forecast 12 mln t lower — IGC
IGC experts revised downward the forecast for global grain production in 2020/21 to 2.23 bln t, 12 mln t lower from the previous forecast (2.24 bln t).
Experts noted that production decrease will be mainly driven by lower wheat yields (in the USA, EU and Russia) and corn (in the USA).
"For the most part, the forecast for the reduction of world stocks of whole grains reflects lower performance on American corn, taking into account a lower than previously expected yield," analysts said.
The forecast for world grain trade volume in 2020/21 increased by 1 mln t from the previous season to 391 mln t.
The world grain consumption forecast remained unchanged at 2.22 bln t or 2% more from 2019/20 (2.18 bln t).
As reported, carryover stocks dropped by 10 mln t to 625 mln t.
Grains and pulses stocks in Ukraine as of July 1, 2020, totalled 5.5 mln t, 3.6 mln t of 39.5% lower YoY.