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LONDON, Jan 13 (Reuters) – The International Grains Council (IGC) on Thursday raised its forecast for 2021/22 global wheat production, partly driven by an improved outlook for the crop in Australia.
In its monthly update, the inter-governmental body increased its 2021/22 world wheat crop outlook by four million tonnes to 781 million tonnes.
Australia’s wheat crop was revised to 35.5 million tonnes from a previous projection of 32.0 million.
The IGC cut its forecast for global corn (maize) production in the 2021/22 season by 5 million tonnes to 1.207 billion tonnes, reflecting diminished prospects in South America.
Argentina’s corn crop outlook was cut to 61 million tonnes from 63.3 million and Brazil’s production to 112.9 million tonnes from 117.4 million.
The IGC also in its initial outlook indicated wheat production in 2022/23 would rise for a fourth consecutive season to a new record peak but with consumption also projected to climb there is not expected to be much change in stocks.
(Reporting by Nigel Hunt; editing by David Evans, Kirsten Donovan)
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