In its most recent crop monitoring report for February, the International Grains Council (IGC) predicts that world production of grain [soybeans, maize, wheat and rice] in the 2017/18 cycle will reach 2,094 billion tonnes, down six million tonnes from January’s estimate of 2,100 bi tons.
The board also raised the projection for the global grain trade in the 2017/18 cycle to 361 million tons, 1 million tons above the previous forecast [360 million tons].
World consumption, for its part, remained estimated at 2,104 bi tons. Overall stocks at the end of the 2017/18 period are expected to be around 610 million tons, down 7 million tons from the previous projection [617 million tons].