LONDON: The International Grains Council (IGC) on Thursday cut its forecast for global corn (maize) production in the 2020/21 season, while doubling its projection for China's corn imports. In its monthly update, the inter-governmental body reduced its global corn crop forecast by 10 million tonnes to 1.146 billion tonnes mainly due to diminished outlooks for crops in the United States, Ukraine and European Union.
The corn crop in the United States, by far the world's top producer, was pegged at 368.5 million tonnes, down from a previous forecast of 373.9 million and bringing it into line with the US Department of Agriculture's current forecast.
The EU's corn crop forecast was cut to 60.1 million tonnes from 62.6 million, driven by a sharp downward revision for Romania's crop to 7.1 million tonnes from 10.4 million seen previously.
The IGC also raised its forecast for China's corn imports in the 2020/21 season to 16 million tonnes from a previous projection of 8 million tonnes. The IGC raised its forecast for 2020/21 world wheat production by a modest 1 million tonnes to 765 million tonnes.
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