LONDON (March 25): The International Grains Council (IGC) on Thursday forecast global grain production would climb to a record 2.287 billion tonnes in the 2021/22 season, but expects the larger supply to be entirely absorbed by higher consumption.
In its first full assessment for the 2021/22 season, the inter-governmental body projected a balanced market, with stocks at the end of the period seen at 609 million tonnes, unchanged from a year earlier.
The IGC forecast that global wheat production would rise to 790 million tonnes, up from the prior season's 774 million, with larger crops expected in several countries including exporters France (37.3 million versus 30.4 million tonnes) and Argentina (20.3 million versus 17.2 million).
An expected drop in wheat production in Russia – to 76.9 million tonnes versus 85.4 million – limited the increase in global output.
The IGC forecast 2021/22 world corn (maize) production at 1.193 billion tonnes, up from 1.139 billion in the 2020/21 season, with the US crop seen climbing to 384 million tonnes from the prior season's 360.3 million.
Global soybean production in 2021/22 was also seen higher at 383 million tonnes, up from 361 million in 2020/21, while rice output was seen climbing to 510 million tonnes from 504 million.