The International Grains Council (IGC) today lowered its forecast for global wheat production in 2021/22, partly due to the deteriorating prospects for the crop in Iran.
In its monthly update, the intergovernmental body reduced its outlook for the world wheat harvest in 2021/22 by 4 million tons to 777 million tons.
The largest downward revision was for Iran, where the crop was reduced to 11.5 million tons, from an earlier estimate of 14.0 million tons.
The country suffered the worst drought in 50 years during the 2021 growing season.
The wheat harvest in Algeria was reduced to 3.0 million tons, compared to 3.5 million tons previously and well below the 3.8 million tons of the previous season.
The IGC conference also raised its forecast for global corn production in the 2021/22 season by 2 million tons to 1.212 billion tons, in part due to improved prospects in the United States, where a crop of 382.6 million tons Tons from a previous estimate of 381.5 million tons.
Source
Hansa Terminhandel GmbH