It estimates indicate an improved outlook for corn production in China.
In its monthly update, published yesterday [June 24], the Council increased its forecasts for global corn production by 7m tons to 1,201 billion tons, a record.
It boosted China's 2021/22 corn crop production figures to 272.8m tons from 267.3m tons.
The IGC, however, amended its forecast for the 2021/22 global wheat crop, revising it lower. But the outlook is still for record 789m tons.
Global grain stocks picture
However, the organization sees only a minimal increase in global grain stocks occurring in 2021/22.
"With food, feed and industrial uses all predicted at records, only a slight increase in carryover (grain) stocks is envisaged, leading to a drop in the all-grains stocks-to-use ratio to an eight-year low of 26%.”
The organization’s soybean production outlook for 2021/22 is maintained at a record of 383m tons (+20m y/y).
Confidence in US soybean yields
CRM Agri analysts, in their weekly oilseed market round-up, said that, in terms of the US soybean outlook, the 2021 harvest is building in confidence.
“Although there remains moisture concerns for large areas of the US soybean producing states, recent rainfall over the weekend, combined with further rainfall forecasts are alleviating concerns.”
They remain confident in US soybean yields. “Next week will see the USDA release their updated planting intentions, and we expect a marginal increase in area estimate.”
The outlook for European rapeseed has continued to provide broad optimism and confidence in supply for next season, said the UK based team. There are plenty of risks remaining for Canadian production, but we are becoming increasingly confident in canola production for harvest 2021, added the oilseed market specialists.
