International Grains Council raises 2021-22 global grain trade estimate by 5 million tonnes

The International Grains Council (IGC) has raised its estimate for global grain trade by 5 million tonnes to 421 million tonnes for the marketing year 2021-22 in its monthly outlook released Oct. 21, from 416 million tonnes in its September update.

The council also raised its global grain output estimate by 1 million tonnes from its September projection to 2.290 billion tonnes for marketing year 2021-22 due to an uptick in corn production.

It also increased estimates for global grain consumption by 3 million tonnes to 2.291 billion tonnes, and for global carryover stocks to 600 million tonnes, from 599 million tonnes forecast in September.

For wheat, the trade estimate was raised by 3 million tonnes to 194 million tonnes, while the output estimate was kept steady at 781 million tonnes and the consumption estimate steady at 783 million tonnes. However, it also reduced the forecast for wheat carryover stocks to 276 million tonnes from 277 million tonnes in the September report.

The global corn output estimate for marketing year 2021-22 was raised slightly to 1.210 million tonnes from 1.209 million tonnes September, while the trade estimate was lowered slightly to 178 million tonnes from 179 million tonnes, the consumption estimate kept steady at 1.201 billion tonnes and the carryover stocks estimate raised to 285 million tonnes from 282 million tonnes.

For rice, the production estimate was increased slightly to 513 million tonnes from 512 million tonnes in September, the trade estimate maintained at 48 million tonnes, the consumption forecast raised by 1 million tonnes to 510 million tonnes and carryover stocks seen steady at 182 million tonnes.

The forecast for global soybean production was kept steady at 380 million tonnes, consumption unchanged at 376 million tonnes, trade lowered slightly to 170 million tonnes from 171 million tonnes and carryover stocks raised to 60 million tonnes from 57 million tonnes in September 2021.

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