IGC increased the forecast production and ending stocks of corn in the world

22.02.2019

The international Grains Council IGC increased the forecast of world production of corn in season 2018/19 33 million tons to 1,109 billion tons, which is 1.7% more than last season, which is primarily due to production growth in China.

The Forecast for world trade in corn remained at the level of January – 160 million tons, 5.2% more than last season.

The Forecast of world consumption of corn increased by 38 million to 1,147 million tons, and then the main culprit is China. This is 2.6% more than in the season 2017/18.

The Forecast for world corn ending stocks increased by 26 million tonnes to 297 million tonnes, again thanks to China and a bit of Argentina.

It is 11.6% less than last season. The forecast of ending stocks of the leading exporters left unchanged at 61 million tons, 14.1% lower than last season.

IGC in its February report downgraded the forecast for global wheat production in the 2018/19 season for 2 million to 735 million. Mainly from Australia and China. And it is 3.8% less than last season.

The Forecast for world trade in wheat remained at the level of January – 170 million tons, which is 2,9% less than in season 2017/18.

The Forecast of world consumption of wheat decreased by 1 million tons to 744 million tons, but this is 0.4% more than last season.

The Forecast for global ending stocks of wheat decreased by 1 million tons to 262 million tons, which is 3.4% less than last season, mostly through China, but it is still the second record in history. The forecast of ending stocks of wheat from exporters increased by 1 million tons to 66 million tons, which is 19.6% less than the record score of the season 2017/18.

As for Russia, the IGC increased the forecast of wheat exports by 800 thousand tons to 34.5 million tons, and lowered the forecast of ending stocks by the same 800 thousand tons to 10.1 million tons.


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