The International Grains Council (IGC) has this week reduced its forecast for global grain production for 2021/22 to 2,295 million tonnes (Mt).

The reduction of 6Mt for world total grains (wheat and coarse grains) is mainly as a result of drought, which reduced crop yield potential in key areas such as North America. These include wheat, barley and oats.

However, global outlook for consumption is also down by 4Mt, mainly owing to lower than previously predicted animal feeding.

With that said, total use is still seen at a record high, at 2,295Mt, up by 3% from 2020.

As an upward adjustment for maize only partly compensates for cut-backs to wheat and barley, world stocks at the end of 2021/22 are expected to come in 3mt lower at 594Mt.

Soya bean

Global soya bean trade is projected to fall by 1% in 2020/21 due to a modest decrease in shipments to China following 2020’s sizeable gain.

World output in 2021/22 is predicted to increase by 19Mt to a record of 382Mt.

However, consumption is set to gain 3%, reaching a new peak.