MarketsFarm — There were few notable changes in the latest monthly supply-and-demand report from the International Grains Council (IGC) on Thursday.
One of the more significant alterations was its 1.42 per cent increase to total global production from that in 2019-20, at nearly 2.216 billion tonnes. It also raises its estimate for this marketing year’s production by six million tonnes from its figure in January.
The council cited improved production of wheat and coarse grains in Australia, Kazakhstan and Russia for the increases. Also, it noted higher prices should lead to more corn grown in 2021.
Total ending stocks remained the same as last month in the IGC report, at 611 million tonnes, which is a drop of almost one per cent from those in 2019-20.
Global wheat production was pushed up five million tonnes from January to 773 million tonnes, according to the council — a 1.4 per cent rise from production in the previous marketing year. The council held ending stocks at January’s estimate of 294 million tonnes, 5.76 per cent more than in 2019-20.
The IGC nudged up global corn production by one million tonnes from last month’s report at 1.134 billion tonnes, a 0.8 per cent increase from 2019-20.
The council also held its forecast on corn ending stocks at 294 million tonnes, up 5.76 per cent from 2019-20.
Global soybean output was revised slightly, from 359 million tonnes in January to 360 million in the IGC’s February report. The council kept ending stocks at 45 million tonnes, an 11.76 per cent decline from the previous marketing year.
The London-based IGC is scheduled to issue its next supply-and-demand estimates March 25.