IGC estimates world grain supply somewhat higher - stock prices are picking up again The International Grains Council (IGC) increased the global grain supply 2020/21 again in its May issue. Production is estimated to be 2.2% higher than the previous year at 2,230 million tons . Consumption is only expected to be 1.6% higher at 2,218 million tons . This results in an inventory build up to 627 million tons . The price-determining supply figure reaches 28.3% final stock for consumption. The range of inventories remains unchanged at 103 days , only in 2017/18 was the result greater at 110 days. The IGC estimates the global wheat harvest at 766 million tonnes only slightly higher than in the previous year. Wheat consumption is estimated at 750 million t.In this case too, a build-up of stocks can be calculated, which can be determined based on a high 38.6% final stock for consumption. In the case of maize production , the IGC expects a worldwide result of 1,169 million tons . The large US maize harvest with over 400 million t should contribute significantly to this. At 1.177 million t, global corn consumption is classified as 3% higher than in the previous year. Bioethanol production from corn is expected to normalize again in the course of the coming marketing year. Increases are also anticipated in food and feed use. The comparison of production and consumption results in a reduction in inventories of almost 10 million tons to 288 million tons of corn. The pension number is calculated at 24.5% and is significantly lower than the result of 30.5% in 2017/18.The anticipated harvest losses in regions with a rainfall deficit in large parts of Europe are partially offset by higher harvest expectations in other growing areas , such as Australia and South America. The first upswing on the Chicago Stock Exchange is after a long phase of price weakness. Corn prices in particular seem to be moving out of the low phase . But upward movements can also be seen in wheat.
