IGC has lowered the forecast for world corn production, but increased the performance on wheat
International Grains Council (IGC) in its September report reported a decrease of the forecast of the world corn crop in the 2016/17 season due to production cutbacks in China and the EU.
According to experts (IGC), world corn production will total 1,027 billion tons, 3 million tons less than expected in August, although higher than last season, which amounted to 970 million tons.
China and the EU will reduce production due to the significant drought. The crop in China will be reduced by 2 million tonnes to 217 million tonnes, while the EU harvest will be reduced by 2.1 million tonnes to 59.5 million tons.
IGC Also reported on the increase in forecasts for global wheat production in the 2016/17 season by 4 million tonnes. Now this mark has reached a record high of 747 million tonnes (last season the mark was stopped at 736 million tons). Guardians of the attention to the fact that there was a reduced forecast for the EU, but this loss is more than covers the growth of production in Australia, Canada, China and Kazakhstan.
The largest increase in wheat production is expected in China by 2 million tons compared to forecast Aug (128 million tons). That's below last year's crop, which amounted to 130,2 million tons
Total world grain production in the season 2016/17 will amount to 2,069 billion tons will remain almost at the level of last season (2,002 billion tons).
IGC increased the forecast of world soybean production 4 million tons. The figure reached a record 329 million tons. This became possible mainly thanks to the growth of productivity in the United States.