The International Grains Council (IGC) on Thursday made a slight increase to its forecast for 2018/19 global corn (maize) production although a drawdown in stocks is still anticipated foor a second successive season The inter-governmental body, in a monthly report, increased its forecast for the 2018/19 corn crop by two million tonnes to 1.054 billion tonnes, still shy of consumption which was seen at 1.099 billion.
The IGC trimmed its forecast for global wheat production in 2018/19 by two million tonnes to 739 million tonnes while consumption was projected at 745 million. "A projected 51 million tonne drop in total grains inventories includes declines of 45 million for maize and six million for wheat, the latter contracting for the first time in six seasons," the IGC said.
The IGC raised slightly its forecast for global soybean production in 2018/19 by one million tonnes to 355 million but reduced its estimate for the prior season by two million to 339 million, with a cut in Argentina only partially offset by an upgrade for Brazil.
Argentina's soybean crop is expected to decline to 38 million tonnes following hot and dry weather this year, IGC senior economist Darren Cooper told a UN Commodities Conference on Wednesday.
"Due to tentative expectations for area gains in leading producers, world production may recover in 2018/19," the IGC said in Thursday's report, adding that rising consumption could still mean that stocks would fall marginally.
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