The global wheat market is expected to see the first drawdown in stocks in six seasons in 2018/19 with production forecast to fall, the International Grains Council said on Thursday. "In 2018/19, reductions in both area and average yields may see the global wheat harvest recede and stocks are predicted to come down for the first time since 2012/13, the IGC said in a monthly report.
The IGC also cut its forecast for 2017/18 global corn production by six million tonnes to 1.048 billion tonnes partly reflecting diminished crop prospects in Argentina and Brazil. The IGC cut its forecast for Argentina's 2017/18 corn crop to 46.5 million tonnes from 49.2 million, while Brazilian production was put at 87.5 million, down from 90.2 million.
Global soybean production in 2017/18 was trimmed by two million tonnes to 347 million with Argentina's crop outlook cut. The global harvested area for soybeans in 2018/19 was, however, seen rising by two percent, year-on-year. Global wheat production in 2017/18 was kept at 757 million tonnes.
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