LONDON, ENGLAND — Boosted by larger than previously predicted corn and sorghum harvests, global total grains production and ending stocks are forecast higher for the 2021-22 marketing year by the International Grains Council (IGC).
The IGC, which issued its latest monthly grain market report on Sept. 23, sees total grains (wheat and coarse grains) output climbing 5% from the August forecast to 2.289 billion tonnes, and up 3% year on year.
The biggest reason for the increase was higher estimated corn production, which is projected to reach 1.209 billion tonnes, up from 1.127 billion in 2020-21.
“Given larger than previously estimated opening stocks and increased production, and with the figure for consumption unchanged month-over-month, the outlook for global stocks at the end of 2021-22 is boosted by 10 million tonnes month-over-month, mainly for corn,” the IGC said.
Among the other highlights from the report was a decrease in global rice consumption in 2020-21.
“Despite a further upgrade for Chinese feed demand, global rice consumption is placed 3 million tonnes lower month-over-month to reflect a downgrade for India, linked to historical data revisions,” the IGC said.
Taking into account a higher figure for carry-ins, the forecast for rice global ending stocks is revised upward by 8 million tonnes, to 182 million, the IGC said.
Global total grains trade for 2021-22 also was revised higher, up 2 million tonnes from the previous monthly forecast to 416 million tonnes, boosted mainly by increased wheat shipments.