IGC lowers crop forecasts for wheat and corn

The International Grains Council (IGC) today lowered its forecast for wheat production in the 2020/21 season. The prospects for the harvest have been reduced in Russia and the European Union.
In the monthly report of the non-governmental society, the worldwide production of wheat is expected to reach 762 million tons. That would be 6 million tons less than in the June report.
The IGC also lowered its expectations for the global corn harvest to 1.164 billion tons from 1.172 billion tons. Lower harvest expectations in the USA are contributing here, which are not fully offset by higher harvest expectations in Ukraine.

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