World wheat production 2020/21 is estimated by the IGC (International Grains Council) at a record amount of 769 million tons. The acreage is expanded by 2%.
In its monthly update, the non-governmental organization also raised the harvest estimate for 2019/20 by two million tons to 763 million tons.
The IGC expects wheat stocks in India and China to increase. Both supply and demand for wheat from the 2020/21 harvest will reach an all-time high.
The higher estimate of global wheat production results from the expectation of a better harvest in India, where 103.6 million tons of wheat are to be harvested. In the previous year it was 99.7 million tons. So far, 102.2 million tons were assumed for the new harvest.
India's own crop estimate is as high as 106.21 million tons after the last monsoon season was as wet as it had been in 25 years.
The IGC also expects a 1% larger maize acreage in the world. The 2019/20 maize harvest was estimated by experts to be 1 million tonnes higher than last month at 1.112 billion tonnes. In the previous year it was 1.13 billion tons.
The 2019/20 world soybean harvest is estimated to be 5% smaller by the IGC because less oilseed was grown in the United States. In 2020/21, however, the acreage in the USA will be expanded again by 4%.
Source
HANSA Terminhandel
