IGC Lifts Estimate for Global Grain Output to New Record
The International Grains Council (IGC) has raised its estimate for global grain output for the 2017-18 season to 2.102 billion tons, up from its previous estimate of 2.094 released in January. If achieved, global production would reach a new record, surpassing output of 2.1 billion tons for the first time.
Subsequently, the IGC raised its estimate for total grain consumption to 2.069 billion tons from a previous estimate of 2.062 billion tons.
The higher forecast was based largely on record wheat and barley crops in Australia, better South American conditions giving rise to a larger corn crop, and favorable conditions in the northern hemisphere for winter crops.
Global wheat production for 2016/17 is expected to top 752 million tons compared to a record total of 737 million tons seen in 2015/16. Corn production for 2016/17 is expected to reach 1.049 billion tons – a significant increase over the 973 million tons harvested in 2015/16. Soybean output is forecast to be 336 million tons, with global trade rising to 139 million tons.
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