Record grain output expects in 2020-21: IGC
According to the International Grains Council’s (IGC) recent monthly grain market report, global grains production and trade are forecast to reach record highs in 2020-21. The totals grains production in 2020-21 is expected to increase by 62 million tonnes from the previous year, led by a 55-million-tonne increase in corn output and a 6-million-tonne jump in wheat production, both of which may be record highs if realized.The soybean sector is projected to see gains in production and trade in 2020-21. A nominal increase for Brazil lifts the projection for global output by 8 percent to a record 364 million tonnes.Given assumed firm import demand from China, world soybean trade is placed at a peak of 160 million tonnes, up 1 percent month-on-month and up 5 million tonnes from 2019-20. As per IGC, however, Brazil is set to see a record soybean production in 2019-20, global output may fall by 7 percent on a significantly reduced US harvest, with declines also in Argentina, Canada, India and Ukraine.Wheat production is projected to build on this year’s record crop of 762 million tonnes, rising to 768 million in 2020-21, while trade is forecast to dip to 180 million tonnes from this year’s record of 181 million tonnes. Moreover, global corn production is forecast to increase by 5 percent to 1.172 billion tonnes in 2020-21. Slight yearly increases are forecast across the board in the global rice sector, with production increasing by 2 percent to 501 million, trade rising by 1 percent to 44 million on stronger demand from buyers, particularly in Africa, and consumption increasing by 1 percent to 501 million, all of which are records.