Wheat production to hit all-time high in 2020/21 on India gains: IGC

The International Grains Council (IGC) has forecast global wheat production for the 2020/21 marketing year at a record 769 million mt, as India is set to harvest its largest crop in history, the agency said in its monthly report on Thursday.

The estimated global wheat harvested area for the 2020/21 campaign was pegged at 221 million hectares, up 1 million mt from the IGC’s previous view and up 2% on the year thanks to a record crop in India.

“Largely reflecting the change for India, some 4 million mt is added to the outlook for global wheat production in 2020/21, to a new peak of 769 million mt,” IGC said in the report.

The IGC also lifted its wheat production estimate for the current 2019/20 marketing year to 763 million mt, up 2 million mt, while projections of traded volumes were lifted by 1 million mt to 176 million mt.

Yet global consumption was trimmed by 1 million mt to 753 million mt “because of a reduction for wheat feeding,” the IGC said.

While the global corn output estimate for the current marketing year was nudged up by 1 million mt to 1,112 million mt, consumption was moved up by the same amount to 1,151 million mt.

The estimate of global 2019/20 soybean production, meanwhile, was pegged at 345 million mt, up 3 million mt from the November view, due to an upward revision in South American output.

Yet production is still set to fall from 2018/19 owing to a drop in US output. 

“World soybeans production is forecast to fall by 5% year-on-year in 2019/20 on a plunge in US output – down by almost 24 million mt,” the IGC said.