World grain production will reach an all-time high of 2.23 billion tonnes, with record-setting wheat and corn harvests, said the International Grains Council on Thursday. The global inventory of all grains will rise for the first time in four years.
Record-high demand for grain during the 2019/20 marketing year will draw down world grain reserves to their lowest level in five years, said the International Grains Council on Thursday. It would be the third straight year of declines in global carryover stocks.
U.S. farmers will harvest a sharply smaller soybean crop this year, driven away from the oilseed by weak market prices and a staggeringly large soy surplus resulting from a string of bumper crops. Even so, the International Grains Council projects the third year in a row of record-large soybean production globally.
Drought in Australia, Europe and Russia, three of the great wheat growers of the world, will result in the first decline in global wheat production in six years, said the International Grains Council. The London-based IGC says the large downturn in wheat will add momentum to a drop-off in grain …
The International Grains Council forecasts a modest decline in global grain production that will lead to a sharp reduction in the grain “carryover” at the end of 2018/19.
Larger corn crops in Argentina and the United States will push global grain production to the second-highest total ever, just a year after the record was set, said the International Grains Council, based in London. The global appetite for grain continues to grow, likely setting its own record, so the global stockpile will shrink by 5 percent, said the council’s monthly Grain Market Report.
Although the world will harvest the third-largest grain crop ever in 2017/18 — only 4 percent smaller than the record set last season — the global grain inventory will decline for the first time in five years, forecasts the International Grains Council.
The world’s grain stockpile will shrink nearly 7 percent by the end of the new marketing year, forecasts the International Grains Council. The reason, said the group, is a smaller harvest—down 3 percent—and the second year of record-high consumption.
Prospects for the winter wheat crop are broadly favorable world wide, said the International Grains Council, which forecasts an all-wheat harvest this year of 735 million metric tons, a 2 percent decline from 2016/17 that will do little to cut into stockpiles that have swelled by nearly 25 percent in three years. "Only a small contraction in end-season stocks is expected," said the council's monthly Grain Markets Report.