Global Grain Output to Hit Three-Year Low - IFC
Global grain production is expected to fall short of demand and hit a three-year low - creating a scenario that will result in strong global trade, including record shipments for corn and barley, according to the International Grains Council (IGC).
Although corn production saw an improvement, and global wheat production saw its first increase in four years, increasing by 1 percent, lower output for other crops has proven to be an offset.
The total worldwide wheat and coarse grains harvest this year is pegged at 2.079 billion tons, representing a three-year low, and a year-on-year decline of 24 million tons, which the IGC states will lead to a second consecutive season of world stock depletion.
Meanwhile, as key soybean producers see either larger or even record crops, global soybean output for 2018/19 is expected to come in at 367 million tons, reflecting an 8 percent increase year-on-year.
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