IGC Cuts Forecast For 2020/21 Global Corn Crop
The International Grains Council (IGC) on Thursday trimmed its forecast for global corn (maize) production in the 2020/21 season, partly reflecting a reduced outlook for the US crop.
In its monthly update, the inter-governmental body reduced its global corn crop forecast by 6 million tonnes to a still record high of 1.16 billion tonnes.
US corn production was seen at 376.5 million tonnes, down from a previous projection of 384.2 million.
The change follows a downward revision by the US Department of Agriculture earlier this month after dry weather throughout August and a severe wind storm damaged crops in Iowa.
Global corn consumption in 2020/21 was seen at 1.176 billion tonnes, up from the prior season's 1.145 billion with global demand continuing to rise despite the COVID-19 pandemic.
"While the outlook for demand is somewhat opaque because of the pandemic, there are signs that grains consumption is holding-up well," the IGC said.
The IGC maintained its forecast for 2020/21 world wheat production at a record 763 million tonnes with consumption seen at 749 million.
Grains stocks were seen rising to a three-year high of 629 million tonnes by the end of the 2020/21 season, up from 622 million a year earlier, with a cut in corn inventories for the fourth consecutive season more than offset by expansions for wheat, barley and other grains.
Global soybean production in 2020/21 was kept at 373 million tonnes with consumption seen at 369 million.