MarketsFarm — The International Grains Council (IGC) released its monthly supply and demand report Thursday, projecting a six million-tonne increase in total global grain production at 2.289 billion tonnes in 2021-22.
That change consisted of a seven million-tonne increase in global corn production, offset by a one million-tonne decrease in world wheat output. Soybean production was forecast to hold steady at 380 million.
Global grain ending stocks for 2021-22 were increased to 598.8 million tonnes, a change of 1.6 per cent from the IGC’s August report.
Global wheat production in 2021-22 was pegged at 781 million tonnes with ending stocks also down one million tonnes at 277 million. In following Statistics Canada and the U.S. Department of Agriculture, the IGC lowered its call on Canadian wheat production, pegging it at 24.5 million tonnes. There were also declines for Russia and Kazakhstan, which were countered by increases for Ukraine, China and the European Union.
The world’s production of corn was upped 0.6 per cent at 1.209 billion tonnes, with ending stocks raised 4.4 per cent at 282 million. This was despite the dramatic drop in corn production in Brazil, which the IGC estimated at 86.7 million tonnes. There were increases for Argentina, the U.S., the European Union and South Africa.
The council’s call on global soybean production remained the same despite more production coming primarily out of the U.S. and Brazil. Additional gains were pegged for Ukraine, the EU and India, but with declines in Canada and Paraguay. Ending stocks inched up 0.7 per cent at 57.3 million tonnes.
— Glen Hallick reports for MarketsFarm from Winnipeg.