The international grain Council (IGC) increased its estimate for this year's corn and wheat harvest today to a new record.
The largest correction takes place when the corn this month, whose sustained good earnings growth come almost exclusively from the United States. Global corn production comes in 2016/17 the IGC according to now on 1.03 billion tons, before it was still of 1,017 billion tons. 969 million tons were harvested in the previous year.
The U.S. corn crop is estimated by the IGC now to 379 million tonnes, previously it was estimated 365 million tonnes.
2016/17 global wheat production comes the estimate to 743 million tons, the last estimate was 735 million tonnes. Although we are headed to a new record, believed that there is shortage of grinding wheat qualities in the last few days. Yields were increased in many places by abundant rainfall, which harmed but usually the qualities.
The sharp rise in global wheat production comes from the higher estimates of wheat harvests in Russia, India and the United States. The estimate has been reduced by a smaller crop in the EU.
The IGC expects that Russia will be the world's top wheat exporter this year and thus overtaken the EU for the first time.
The total harvest of cereals (wheat and coarse grain) comes the IGC according to 2016 / 17 on an all-time high. Since the initial stocks are often higher than in the past, the closing stock will exceed the 2.5 billion-ton mark for the first time in the June 2017.
The IGC has raised also the 2016/17-estimate for global soybean production to 4 million tons to 325 million tons. Yet 316 million tons were harvested in the last year. Reason for that are the excellent conditions for growth in the United States.
2016/17 global rice production is estimated at 484 million tons; These are 3 million tons less than estimated in the previous month. Last year the global harvest was 473 million tons.
