The International Grain Council (IGC) has raised its global 2017-18 corn crop peg by 14 MMT from its previous estimate to 1.054 billion MT, which is still down from 1.088 billion MT the previous season. The group also raised its global 2017-18 wheat crop peg by 8 MMT to 757 MMT, which is 2 MMT more than the previous season.
However, in its initial projection for 2018-19 global wheat production, IGC projects a 2% drop from the previous season to 742 MMT. “With sustained growth in consumption, the first stocks contraction in six years is possible, mainly in the major exporters,” it notes. “Global trade could set a record, underpinned by stronger shipments to Africa and Asia. India may be a larger importer in the year ahead.”
IGC also raised its 2017-18 global soybean crop peg by 1 MMT to 349 MMT due to improving prospects in Brazil. But due to growth in consumption and trade, the group projects global soybean stocks to drop by 3 MMT from the previous season to 40 MMT.