LONDON — An improved outlook for feed grains production has prompted the International Grains Council on May 28 to raise the projected 2020-21 carryover for total grains.
At 627 million tonnes, the carryover forecast was up 10 million tonnes from April 30 and up 21% from 614 million tonnes at the end of 2019-20.
The IGC projected global corn projection at a record 1,169 million tonnes, up 11 million from the April forecast and up 4.6% from 1,118 million tonnes in 2019-20.
The IGC’s May forecast for wheat changed more modestly. Carryover stocks were projected at 290 million tonnes, up 1 million from April and up 16 million tonnes, or 5%, from 274 million in 2019-20. The wheat crop forecast was raised 2 million tonnes from April, to 766 million. Production would be up from 762 million in 2019-20 and 731 million in 2018-19.