Global grain production expectations have been lowered again by the International Grains Council (IGC). In particular, the wheat stock is estimated to be lower.
The IGC expected that global wheat production will reach 2018 million tons in harvest year 2019/737. That is a decrease of 5 million tons compared to the previous forecast. The IGC has revised the forecast downwards as the crops in Russia (and in the European Union) are in poor condition. This is expected to lead to wheat stocks falling for the first time in 6 years next year.
Grain production falls
Also in France, the forecast for the wheat harvest has been revised downwards by the French 'Strategie Grains'. The French wheat harvest for 2018 has therefore been reduced by 4 million tons. That is a decrease of 10% compared to the previous forecast. With that decrease, total wheat production in France is expected to reach 33 million tons.
The total production of grain for the 2018/2019 harvest year is estimated to be approximately 12 million tons lower. In combination with the high consumption, the closing stocks will be 54 million tons lower than in the 2017/2018 harvest year. This also ensures that (expectedly) the lowest grain yields in 3 years will be achieved.
less corn
Maize production is also estimated to be lower, mainly due to drought in Brazil and Russia. The IGC expects the closing stocks in the 2018/2019 harvest year to be about 44 million tons lower than last year. This also has to do with a smaller maize acreage worldwide.
Only soybean stocks are estimated to be slightly higher. Production is expected to be 2 million tons higher, compared to the report by end of May. This means that a record 2018 million tons is expected in the 2019/358 harvest. This is partly due to the good development of soy crops in the United States and Brazil.