LONDON, ENGLAND — Total grains production is expected to reach successive records in the next five years, keeping pace with demand, but leaving little room for stock rebuilding, the International Grains Council (IGC) said during its virtual conference session on Jan. 22.
World soyabeans production is projected to reach successive highs through 2025-26, mainly on increases in the United States and Brazil. Consumption is seen reaching successive highs as well, but a modest recovery in world inventories is likely, tied to expectations for some stock rebuilding in the major exporters. Trade is predicted to expand, largely tied to bigger deliveries to Asia.
Global rice production is anticipated to trend higher, the IGC said. While population growth will continue to underpin larger food requirements, changing consumer preferences in Far East Asia may contain growth in uptake. Global inventories are likely to continue growing, led by gains in India, while trade is projected to expand on larger shipments to sub-Saharan Africa.
At the council session, members agreed to signing of and understanding between the IGC and the Eurasian Economic Commission and the International Trade Centre.
The Council received statements from the FAO, the WTO and the IGTC on the latest export restrictions and their impact on global markets and effect on the food basket. The council welcomed the participation of Belarus, Brazil, China, Kyrgyz Republic, Taipei (Chinese) Separate Customs Territory, OECD, the Eurasian Economic Commission, International Trade Centre and WFP.
In conjunction with the Session, the IGC and Switzerland organized a Grains Forum titled “Digitization: Trade facilitation tool for the grains sector” on Jan. 21 via video conference. The forum examined the digitization practices in various countries and IGC members’ plans regarding digitizing their grains sectors post COVID-19. The forum discussion recognized that digitizing grains trade processes is in line with the objectives of the Grains Trade Convention.
This includes contributing to the fullest extent possible to the stability of international grain markets in the interests of all members; to promote the expansion of international trade in grains; and to further international co-operation in all aspects of trade in grains.