LONDON: The International Grains Council (IGC) on Thursday raised its forecast for global corn (maize) production in the 2020/21 season reflecting an improved outlook for the US crop.
In its monthly update in August, the inter-governmental body increased its global corn crop forecast by 2 million tonnes to a record 1.166 billion tonnes.
The US corn crop was seen at 384.2 million tonnes, up from a previous projection of 380.8 million but below the US Department of Agriculture's forecast earlier this month of a record 388.1 million tonnes.
The chances of a record US corn crop this year have been dented by a storm on Aug. 10, which sent hurricane-like winds and hail across top producing state Iowa.
The current record US corn crop was 384.8 million tonnes in the 2016/17 season, USDA data showed.
Lower forecasts for corn crops in France (14.4 million tonnes from 15.2 million) and Russia (14.5 million tonnes from 15.5 million) partially offset the upward revision for the US
The IGC also raised its forecast for 2020/21 world wheat production by 1 million tonnes to 763 million tonnes.
The increase was driven by upward revisions for Russia (79.9 million tonnes from 78 million) and Australia (27.5 million tonnes from 26.2 million).
The impact was partly offset by downward revisions for France (31 million tonnes from 32.6 million) and Romania (5.6 million tonnes from 7.8 million).
The IGC also raised its forecast for global soybean production in 2020/21 to 373 million tonnes from a previous projection of 365 million, largely because of an upgraded outlook for the US crop.
Comments
Comments are closed.