IGC trims forecast for 2021/22 global wheat crop

The IGC also raised its forecast for global corn (maize) production in the 2021/22 season

  

LONDON- The International Grains Council (IGC) on Thursday trimmed its forecast for the 2021/22 global wheat crop, with drought driving downward revisions for the United States and Canada.

In its monthly update, the inter-governmental body cut its 2021/22 world wheat crop outlook by 1 million tonnes to 788 million with the diminished outlook for North America partially offset by improved prospects in the European Union.

A scorching drought has curbed crop potential for spring wheat in the United States and Canada.

The IGC cut its forecast for this year's U.S. wheat crop to 47.5 million tonnes, from a previous projection of 51.1 million, while it put Canada's crop at 28.5 million, down from 32.3 million seen last month.

In the European Union, however, production was upwardly revised to 137.7 million tonnes from 136.0 million, driven by improved outlooks for crops in France, Hungary and Romania.

The EU's crop monitoring unit, MARS, earlier this week raised its estimate of the average EU soft wheat yield to 6.05 tonnes per hectare (t/ha) from a projected 6.01 t/ha in June, adding exceptionally high rainfall in several countries was likely to hit grain quality rather than yields.

Other upward revisions included Pakistan (27.0 million from 25.5 million) and Australia (28.9 million from 28.0 million).

The IGC also raised its forecast for global corn (maize) production in the 2021/22 season by 1 million tonnes to 1.202 billion tonnes.

(Reporting by Nigel Hunt; editing by Jason Neely and Steve Orlofsky) ((nigel.hunt@thomsonreuters.com; +44 20 7542 8421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))


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