International Grains Council raises 2021-22 global grain output estimate by 3 million tonnes

The International Grains Council (IGC) has reduced its estimate for global grain production by 3 million tonnes to 2.287 billion tonnes for the marketing year 2021-22, according to its monthly outlook. The production estimate has been cut largely due to a reduction in global wheat output.

The council also reduced its global grain consumption projection by 1 million tonnes from its October estimate to 2.290 billion tonnes for marketing year (MY) 2021-22 due to an uptick in corn production.

It has kept its estimate for global grain trade at 421 million tonnes in its November report. The council has also maintained its projection for global carryover stocks at 600 million tonnes.

For wheat, the output estimate was decreased by 4 million tonnes to 777 million tonnes, while the trade estimate was raised 2 million tonnes to 196 million tonnes. The council reduced its projection for global wheat consumption to 782 million tonnes from 783 million tonnes last month. It has also reduced the forecast for wheat carryover stocks to 274 million tonnes from 276 million tonnes in the October report.

It raised global corn output estimate for MY 2021-22 to 1.212 billion tonnes from 1.210 billion tonnes in October, while the trade estimate was lowered slightly to 177 million tonnes from 178 million tonnes.

The council raised global corn consumption estimate to 1.203 billion tonnes from 1.201 billion tonnes. It also raised global corn carryover stocks by 2 million tonnes to 287 million tonnes.

For rice, the production estimate was maintained at 513 million tonnes. The trade estimate, too, was maintained at 48 million tonnes and consumption forecast was kept steady at 510 million tonnes. It has raised the global carryover stocks seen steady to 184 million tonnes, up from 182 million tonnes seen a month ago. The forecast for global soybean production was kept steady at 380 million tonnes, while consumption was cut by 1 million tonnes to 375 million tonnes. It reduced global trade projection by 2 million tonnes to 168 million tonnes while carryover stocks were maintained at 60 million tonnes.

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