IGC cuts global grain harvest 2020/21 from the previous month - less wheat and corn The international grain council (IGC) in its monthly July edition has corrected the global grain harvest significantly downwards compared to previous estimates. Global grain production is estimated at 2,225 million tons . That is 12 million t less than in the previous month, but still 49 million t more than in the previous year. The expected consumption is estimated at 2,218 million t at the same level as the previous month. However, this is 40 million t more than in the previous year. The corrections were mainly triggered by weaker harvest results and expectations in the USA, Russia, Argentina and Canada. The final stocks will decrease compared to the June 2020 estimate by 10 million t to 625 million t . In the previous year, 615 million tonnes were found. The price-determining supply figure remains at 28.2% final stock for consumption at the same level as in the previous year.The United States remains the world's leading exporting country in global grain trade with just under 90 million tons. Russia follows with a slightly reduced 72 million t. The United States primarily supplies corn, while Russia primarily exports wheat . On the import side , China and the EU are at the forefront with around 22 to 25 million tons each. The rest of the import trade is spread across a large number of small countries. The global wheat harvest is estimated to be just as high as last year at 762 million t . Wheat consumption increases to 750 million tons . Wheat stocks fell slightly to 288 million tons . The supply situation is very high with 38.4% final stock for consumption . However, if you exclude China because of its 50% share of inventory but insignificant exports, the figure is 24.4%.The final stocks of the major exporting countries as potential suppliers when needed are significantly lower than in previous years. Global corn production will be cut to 1,164 million tons compared to the previous month. Compared to the previous year, 47 million t more are to be generated. Corn consumption is estimated to be 35 million tonnes higher. The final stocks fall by 12 million t to 288 million t . The supply figure drops from 28 to 24% , without China it remains at approx. 13%. For the EU-27 , the IGC estimates a total harvest of 283 million t , which is compared with a consumption of 264 million t . Falling exports to third countries (41 million t) lead to a largely unchanged final inventory of 33 million t. With weekly fluctuations, international wheat prices are again at a higher level. The corn prices have given way somewhat recently after a short soaring high.
