Subscribe Login
Supply Chain

IGC Cuts Forecast For 2020/21 Global Corn Crop

By Dayeeta Das
Share this article
IGC Cuts Forecast For 2020/21 Global Corn Crop

The International Grains Council (IGC) on Thursday trimmed its forecast for global corn (maize) production in the 2020/21 season, partly reflecting a reduced outlook for the US crop.

In its monthly update, the inter-governmental body reduced its global corn crop forecast by 6 million tonnes to a still record high of 1.16 billion tonnes.

US corn production was seen at 376.5 million tonnes, down from a previous projection of 384.2 million.

The change follows a downward revision by the US Department of Agriculture earlier this month after dry weather throughout August and a severe wind storm damaged crops in Iowa.

Global Consumption

Global corn consumption in 2020/21 was seen at 1.176 billion tonnes, up from the prior season's 1.145 billion with global demand continuing to rise despite the COVID-19 pandemic.


"While the outlook for demand is somewhat opaque because of the pandemic, there are signs that grains consumption is holding-up well," the IGC said.

The IGC maintained its forecast for 2020/21 world wheat production at a record 763 million tonnes with consumption seen at 749 million.

Three-Year High

Grains stocks were seen rising to a three-year high of 629 million tonnes by the end of the 2020/21 season, up from 622 million a year earlier, with a cut in corn inventories for the fourth consecutive season more than offset by expansions for wheat, barley and other grains.

Global soybean production in 2020/21 was kept at 373 million tonnes with consumption seen at 369 million.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.