The International Grains Council (CIC) cut its forecast for world corn production in the 2021-2022 period, in part due to less favorable prospects for Brazil and Argentina.
In its monthly update, the intergovernmental body cut the forecast by four million tons to 1,203 million.
Brazil’s corn crop was estimated at 111.5 million tons, down from a previous projection of 112.9 million tons, although still well above the 87 million of the previous season.
The CIC also cut its forecast for Argentina’s corn crop to 59 million tons from 61 million tons, slightly below the 60.5 million tons estimated for the previous season.
Dry weather in Argentina has raised concerns about the outlook for corn and soybean production.
The agency also noted “evidence of declining crop yield potential in South America,” which has also led to a 15 million-tonne cut in its forecast for world soybean production in 2021-2022 to 353 million.
World wheat production in 2021-2022 was projected at 781 million tonnes, unchanged from the previous month’s forecast, but slightly above the 774 million tonnes estimated in the previous season.
Source: Gestion
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