The International Grains Council has lowered its outlook for world grain production.
The London, England based organization sees total global 2020/21 grain production at 2.21 billion tons, down 10 million from the last guess, with reduced corn outlooks for the U.S., Argentina, and Brazil mostly cancelling out increased expectations for wheat in Australia, Canada, and Russia. Still, that’s up from the 2019/20 estimate of 2.186 billion tons. The IGC also lowered world grain consumption, anticipating slower feed and industrial use for corn.
