The International Grains Council (IGC) forecast global grain production would climb to a record 2.287 billion tonnes in the 2021/22 season, but expects the larger supply to be entirely absorbed by higher consumption.
In its first full assessment for the 2021/22 season, the inter-governmental body projected a balanced market, with stocks at the end of the period seen at 609 million tonnes, unchanged from a year earlier.
The IGC forecast that global wheat production would rise to 790 million tonnes, up from the prior season’s 774 million tonnes with larger crops expected in several countries including France (37.3 million tonnes versus 30.4 million tonnes previous year) and Argentina (20.3 million tonnes from last year’s 17.2 million tonnes).
An expected drop in wheat production in Russia – to 76.9 million tonnes compared to 85.4 million tonnes previous year, limited the increase in global output.
The IGC forecast 2021/22 world corn (maize) production at 1.193 billion tonnes, up from 1.139 billion tonnes in the 2020/21 season with the U.S. crop seen climbing to 384 million tonnes from the prior season’s 360.3 million tonnes.
Global soybean production in 2021/22 was also seen higher at 383 million tonnes, up from 361 million tonnes in 2020/21, while rice output was seen climbing to 510 million tonnes from 504 million tonnes.