World grain production in 2020/21 projected higher after wheat and corn improved forecast
The latest forecast by FAO put the world cereals production 17 mln t higher from the previous report in February to 2 761 mln t, now pointing to a 1.9% increase year-on-year.
The adjustment principally reflects a 7.5-mln-tonne increase in the world wheat production estimate, driven by recently released official data from Australia, the European Union (EU), Kazakhstan, and Russia.
"The world coarse grains output estimate has also been raised, by 6.9 mln t, with most of the monthly increase concentrated in West Africa, where recent official data showed larger-than-previously-expected maize outputs, and in the EU, where the estimate for corn output in Romania was revised upwards on higher yields," the report reads.
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An upward revision to global barley production, reflecting improved yields in Australia and the Russian Federation, further bolstered the estimate for global coarse grains production.
As a reminder, the Ministry for the Development of Economy, Trade and Agriculture of Ukraine and grain market participants signed the Annex to the Memorandum of Understanding on Aug. 17, 2020, setting the limit for wheat export from Ukraine in the 2020/21 season at 17.5 mln t, rye at 1 thou. t.
Corn export cap in Ukraine was set at 24 mln t for the 2020/21 marketing season.
Learn more:
- TOP 10 Importing Countries of Ukrainian Grain in 2020
- Wheat Exporters from Ukraine in 1H 2020
- Corn Exporters from Ukraine in 1H 2020