Despite the reduced estimate of corn production in 2020/21 MG will be a record high

2020-11-27 12:38:51
Machine translation
Despite the reduced estimate of corn production in 2020/21 MG will be a record high

In the November report, the experts of the IGC reduced compared to the October forecast of world production of corn in 2020/21 MG for 10 million tonnes to 1,146 billion tons, primarily due to the decrease of harvest in Ukraine, the US and the EU. Despite the reduction in forecast global maize production is 2% higher than last year's record and reach a record level.

 

compared to the previous forecast, the estimated consumption of maize was reduced by 4 million tons to 1,169 billion tons, which is 1.4% higher than the figure recorded 2019/20 Mr. Due to the increase in imports in China forecast of world trade in corn increased by 5 million tonnes to 185 million tonnes, which is 6.3% higher than last year's figure, although the forecasts corn imports to the EU and Mexico decreased. Evaluation of corn exports from the U.S. increased to a record level, while for Ukraine it was reduced to 3-year low. Forecast carryover stocks are reduced by 4 million tonnes to 275 million tonnes, which is 7.7% lower than in the previous season.

 

For wheat production forecast increased 1 million tons to 765 million tons, consumption is forecast up 1 million tonnes to 752 million tonnes, the assessment of trade – by 1 million tons to 186 million tons and the forecast for carryover stocks by 1 million tonnes to 292 million tons.

 

the Overall forecast of world production of wheat experts IGC reduced by 7 million tons to 2,219 billion tons, the forecast of consumption by 2 million tonnes to 2,221 billion tons, the assessment of carryover stocks by 3 million tons, but the forecast for trade has increased by 6 million tons.

 

For soy due to the low harvest in Argentina and the U.S. forecast world production was reduced by 5 million tons to 365 million tons, which is 8% higher than last year and reach a record level. The estimated consumption of soybeans reduced by 1 million tons to 369 million tons, which is 5% higher than last year's level, primarily due to the high demand from Asia. The recovery of the pigs and expansion of poultry production in China increases the demand for soybean meal and increasing recycling in Argentina raises the demand for soybeans. Forecast trade soybeans increased by 1 million tonnes to 168 million tonnes, whereas the estimate of carryover stocks has been reduced by 1 million tonnes to 45 million tonnes due to reductions in the United States.

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