Despite the decline in the forecast of world grain production in 2020/21 MG will be at a record level

2020-07-24 12:04:42
Machine translation
Despite the decline in the forecast of world grain production in 2020/21 MG will be at a record level

Yesterday, the international grains Council (IGC) released its forecast of world grain production in marketing year 2020/21, which reduced the production forecast at 13 million tons, due to lower production of maize and wheat in USA and wheat in the EU and Russia and maintaining the forecast of world consumption is unchanged compared to last month. The forecast of world ending stocks was reduced by 10 million tons to 625 million tons, which would still be 6 million tonnes to exceed ending stocks 2019/20 Mr.

 

According to the July IGC forecast, world cereal production will total 2,225 billion tonnes, which is 49 million tonnes more than last year's record level. Forecast of production of wheat decreased compared to the June estimate by 6 million tonnes to 762 million tons, which corresponds to the level of last year, and corn by 5 million tonnes to 1164 million tonnes 48.9 million tonnes more than last year.

 

 

the Forecast of world consumption of grain remained unchanged compared with the June forecast of 2,218 billion tons compared to 2,218 billion tonnes last season.

it is Worth noting that the forecast of consumption of maize decreased compared to the June estimate by 1 million tonnes to 1,176 billion tons, but will be 3.1% higher than last year's figure, which will reduce the forecast of world corn ending stocks to 288 million tonnes - 4% less than last year and will be at the minimum level for the last 7 years.

While the forecast for ending stocks of wheat were reduced by 2 million tonnes to 288 million tonnes, which would still be 4.3% higher than last year.

 

the Weather is conducive to the development of the maize crop in the world and forecast of world production is quite realistic, but the forecast growth in consumption amid the economic slowdown due to the ongoing pandemic Covid-19 remains under question especially for corn from the prospects of the bioethanol industry, due to low oil prices.

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