26.
11.20
16:46

IGC lowers forecast of global corn harvest

The International Grain Council (IGC) has reduced its forecast of global corn production in the 2020/21 season and doubled the forecast for Chinese corn imports.
In its monthly update, the council reduced its forecast of the global corn harvest by 10 million tons to 1.146 billion tons. The main reason is the reduced forecast of harvests in the United States, Ukraine and the European Union.
The Intergovernmental Conference doubled the forecast for China's corn imports in the 2020/21 season from 8 million tons to 16 million tons.
The corn harvest in the USA, the world's largest producer, was estimated at 368.5 million tons. Last month the estimate was 373.9 million tons. The forecast is currently at the same level as the estimate by the US Department of Agriculture.
For the EU, the IGC reduced the forecast from 62.6 million tons to 60.1 million tons. The main reason is the smaller harvest in Romania, which is now estimated at 7.1 million tons. Previously, the forecast for Romania was 10.4 million tons.
The drought has also worsened the outlook for the harvest in Ukraine. The forecast was reduced from 33 million tons to 30 million tons.
China has been buying corn aggressively, in part driven by increasing demand for feed grain as the country's pig industry, which has suffered badly from African swine fever, rebounds.
The Intergovernmental Conference raised the forecast for global wheat production in 2020/21 by a modest 1 million tons to 765 million tons.
China's wheat import forecast has been raised slightly from the previous forecast of 7.3 million tons to 7.8 million tons.

Source
Hansa Terminhandel GmbH
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