The most recent estimate of global grain production from the International Grains Council (IGC) shows a net drawdown of stocks as a result of the continuous reduction in output forecasts. The gap between production and consumption was estimated at a 20m tonne (mt) surplus last June but this has been gradually reduced and is now a 2mt production deficit for the 2020/21 marketing year.

Back in June, total grain production was estimated at 2,237mt. Now that figure stands at 2,219mt. Of those tonnes, 767.6mt were to be wheat and this is now put at at 765mt. At its peak, maize production was 1,171.6mt last June, but now this looks more like 1,146mt.