In its most recent crop monitoring report – released last week – the International Grains Council (IGC) released a new estimate for world grain production [soybean, corn, wheat and rice] in the 2019/20 cycle, which should reach 2.177 billion tons, compared to 2.138 billion tons in the last projection for the 2018/19 season.
The council forecasts that global grain trade in the 2019/20 harvest should reach 369 million tons, compared to 366 million tons in the last estimate for the 2018/19 cycle.
The IGC projects that world consumption in the 2019/20 season should reach 2.192 billion tons, up 2.166 billion tons from the last forecast for the 2018/19 harvest.
Global stocks at the end of the 2019/20 period are expected to total 602 million tons, compared to 617 million tons in the last projection for the 2018/19 cycle.
