The International Grains Council (IGC) has increased in the season 2016/17 the forecasts for the global wheat and corn harvest because the prospects have improved further. It is the second largest grain harvest, which was retracted without ever expected.
For the global wheat harvest in 2016/17, 717 million tons increased the forecast to 722 million tonnes. Last year, the previous record amount of 736 million tonnes was harvested.
The upward revision was influenced by higher harvest forecasts for the United States, Russia and France. The loss of harvest in Morocco due to the worst drought for 30 years could thus be overcompensated.
In maize, the IGC anticipates a harvest volume of 1.003 billion tons in the marketing year 2016/17. The previous forecast was 998 million tons. Last year, 971 million tonnes were harvested corn. Reason for the upward revision is a higher expectation on the U.S. corn crop. It is estimated currently at 355,3 million tonnes (previous month: 350.2 million tonnes).
The forecast of the soybean production in 2016/17 increased from 319 million tonnes to 320 million tonnes. For the season by 2015/16, the forecast due to the reduced expectations for Argentina and Brazil to 6 million tons to 314 million tons was lowered soybeans. It's still an increase of 14% compared to the 5-year average.
