This is a subscriber-only article
The latest projection from the International Grains Council (IGC) now puts the 2019-20 global grain harvest at 2,178 million tonnes (mt). This is an increase of 2mt from its March report.
The increase largely stems from larger projected harvests of wheat (+26mt), maize (+6mt) and barley (+8mt).
In Russia and Ukraine, above-average temperatures were recently experienced. Some rainfall of varying degrees has maintained wetter than normal soil moistures, however, which has been beneficial for yield prospects. For example, wheat production forecast for Russia went from 77.1mt to 79.5mt.
Opening stocks
Despite increased output however, overall availabilities will edge only slightly higher due to the smallest opening stocks in three seasons.
As well as this, increases for food, feed and industrial uses are envisaged to push total consumption to a new high of 2,201mt, which is an increase of 2%. As a result, a third successive depletion of global stocks is predicted.
Oilseeds
The report also details the improved prospects for the soya bean crop in South America. The outlook for soya bean output in 2019-20 is remains broadly similar to the previous year at 361 mt.
SHARING OPTIONS: