IGC Cuts Global Grain Forecast by 11 Percent
The International Grains Council has revised its forecast for total global grain production for 2017/18 to 2.038 billion tons - down from a previous estimate of 2.049 billion pounds and a forecast of 2.126 billion pounds for 2016/17.
The organization also cut its forecast for global consumption to 2.083 billion tons from 2.084 billion tons.
If output stands at 2.038 billion tons, it would be 4 percent below the peak of the season before as both harvested area and yields are expected to see year-on-year declines.
Global wheat production for 2017/18 is now expected to be 732 million tons - down from 754 million tons estimated in 2016/17.
Global maize production for 2017/18 is projected to be 1.02 billion tons compared to 1.072 billion tons the season before. Maize consumption projections also fell to 1.054 billion tons from 1.055 billion tons in the council’s last estimate issued in June.
Global soybean production for 2017/18 is forecast to be 345 million tons, down from 345 million tons in the previous season. Global trade in soybeans is expected to remain unchanged from the IGC’s previous estimate at 148 million tons.