The International Grains Council (IGC) has raised its forecasts for world wheat and corn production in the 2019/2020 season.
The inter-governmental body, in a monthly update, increased its global wheat crop forecast by 3 million tonnes to 762 mt, just 1 mt lower than the 763 mt they forecast for 2017-18. This represents a volume that is 27 mt or 3.7% higher than forecast for 2018-19. The IGC notes a higher expected output for Russia, Australia, Ukraine and Canada.
While the organization sees global consumption growing, its estimate of 752 mt for the upcoming crop year would indicate that consumption is growing slower than the rate of growth in production.
As a result, ending stocks are forecast to grow by 10 mt, to 274 mt, a record volume to be carried from the 2019-20 crop year, according to IGC data.
The council increased its forecast for 2019/20 world corn (maize) production by 1 million tonnes to 1.125 billion tonnes.