FAO experts increased the forecast of global corn production, and reduced the forecast of the wheat harvest
Experts of the Food and Agriculture Organization (FAO) in a new report reduced the forecast of world grain production in 2021 by 6.7 million tons to 2.79 billion tons, which will still be a record level and by 0.8% or 21.5 million tons will exceed the figure of 2020.
The most significant thing in the new report was the decrease in the forecast of global wheat production by 6.3 million tons to 770.4 million tons, which is 6.1 million tons lower than last year's figure, due to a decrease in the harvest in Turkey, Iran and the United States.
The forecast for global wheat consumption in my 2021/22 was lowered by 0.3 million tons to 778.8 million tons, which is still 17 million tons higher than in the previous season. The estimate of final wheat stocks in my 2021/22 was reduced by 1.8 million tons to 282.1 million tons, which is 6.4 million tons lower than in the previous season, but 5 million tons higher than the USDA's October forecast.
Global feed grain production is expected to grow by 1.5% to 1.51 billion tons compared to 2020.
Thus, the forecast for World corn production in my 2021/22 was increased by 5.8 million tons compared to the October report to 1.197 billion tons, which is 40 million tons higher than the 2020/21 my harvest, due to an increase in the harvest in Brazil, India and some African countries.
Due to the more active than expected use of corn for feed and processing, the forecast of its global consumption in my 2021/22 was increased by 3.2 million tons to 1.2 billion tons, which is 29.3 million tons higher than in the previous season. The estimate of final corn stocks in my 2021/22 was increased by 3.6 million tons to 291.7 million tons, which is 6.5 million tons higher than in the previous season due to the growth of stocks in the United States and Brazil.
The increase in the forecast for corn production more than compensates for the possible reduction in global barley production caused by the decline in yields in Turkey and Iran due to the drought.
