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According to the Grain Market Report from the International Grains Council, world total grains (wheat and coarse grains) production in 2019/20 was an almost historical 2,172m t. Record harvests of wheat and barley more than compensated for a smaller maize crop. Total supply was only 1% larger y/y, and as consumption continues to grow, a further drawdown of grains stocks is envisaged at the end of 2019/20, led by maize.
World maize harvested area in 2020/21 is expected to grow 1%, mainly on a rebound in the US, but global barley area could be down by 1% owing to potentially weaker returns.
World soyabean production is forecast to fall by 5% y/y in 2019/20 on a plunge in US output – down by almost 24m t. While consumption is predicted at a new peak, the y/y expansion of 2% is below trend and reflects expectations for marginal growth in China
The IGC GOI declined by a net 3% as worries about the spread of COVID-19 combined with mostly non-threatening crop outlooks, pressured grain and oilseed export prices lower.
February 27, 2020/ International Grains Council/ United Kingdom.
https://www.igc.int/
