The London-based International Grains Council (IGC) expects global grain consumption to reach a record high of 2.1 billion tons in 2017/18 due to new highs in demand from the food, feed, and industrial sectors.
New highs in wheat demand are forecast to be driven by climbing need from the food sector, while corn usage will reach a new high due to demand from the feed and industrial industries.
The global grain harvest for the 2017/18 season is projected to be 2.079 billion tons - the second largest on record, according to the Council’s monthly Grain Market Report. However, due to tight supplies and continued high demand, the council predicts that stocks will fall for the first time in five years with a carryover of 496 million tons at the end of 2017/18 - 5 percent less than the carryover of 523 million tons at the start of the year.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at email@example.com.