In its most recent crop monitoring report for April, the International Grains Council (IGC) has raised the estimate for world grain production (soybean, corn, wheat and rice) in the 2018/19 cycle to 2.088 billion tonnes, but only 1 million tonnes ahead of the March projection [2,087 bi tons].
However, if the forecast is confirmed, it will be below the estimated result for the 2017/18 season [2,093 bi tons].
The council maintained the forecast for the global grain trade in the 2018/19 crop to 368 million tons, against the projection of 362 million tons of the previous cycle.
On the other hand, the IGC revised upwards the estimate of the world consumption in season 2018/19 to 2,139 bi tons, against 2,134 bi tons of the forecast of March, and 2108 bi tons of the projected for the previous harvest.
Global inventories at the end of the 2018/19 period were maintained at 560 million tons, against 611 million tons in the previous cycle.