The International Grains Council has revised (IGC) its estimate for the world’s total grain output up by 2% on year to 2.22 billion tonnes during 2020/21.
The total output will be boosted by record production of wheat, maize, and barley. Global rice output is seen 1% higher at 504 million tonnes. Higher consumption of grains will lead to carryover stocks dropping by 2 million tonnes to 609 million tonnes during the year, IGC said in its latest monthly report.
The total grains trade during the year is expected to reach a record 416 million tonnes with shipments of wheat and maize rising to the highest levels ever. The total grains supply during the year is seen rising by 62 million tonnes to 2.28 million tonnes, including new highs for wheat and maize.
Meanwhile, the world production of soybeans is seen rising by 7% on year to 361 million tonnes, fractionally short of a record reached in 2018/19, IGC said.