The International Grains Council updated its forecasts in November; for many crops they were increased compared to October.
According to the forecast, total world grain production this year will be approximately 2296 million tons. Compared to the previous month, this forecast was increased by 3 million tons.
This was facilitated, among other things, by factors such as high grain harvests in the USA, Russia and Turkey.
At the same time, it is assumed that global grain production will increase as its consumption in industry, as well as in the field of animal feed, grows.
Wheat
The production of this crop in the current season will be about 787.6 million tons. At the same time, the current harvest value is expected to become one of the highest in the entire history of observations.
The International Grains Council also raised its forecast for Russian wheat production to 90 million tons.
However, at the same time, the forecast for world imports of this crop was lowered by about 6% compared to the previous year, to 196 million tons.
And this, according to a number of Russian experts, is a very negative factor: an increase in production against the background of a decrease in imports may leave world grain prices low for a long time.
Corn
It is planned that this season as a whole, about 1223 million tons of corn will be harvested. However, at the same time, an increase in corn consumption is expected, primarily as animal feed.
The growth in consumption will be associated, among other things, with increased production and fairly affordable prices.
Soy
Production of this type of product should increase to a record value of about 385 million tons. This is largely due to the fact that South American farmers show good yields.
Global soybean use is also expected to grow by about 8%.
At the same time, soybean imports may decrease due to the fact that the main producers of this crop are increasing its consumption, which means there is less product left for sale.
Rice
Production of this crop is also expected to increase by 6 million tons to reach about 521 million tons.
However, rice trade will decline.
There are several reasons for this: a decrease in demand in Asian and African countries, as well as a decrease in exports from India, which is currently one of the main rice producers on the planet.
However, India may be partially replaced by other countries in the global rice market. In particular, it is planned that supplies of this crop for export this year will increase in Pakistan and the United States.
