IGC cuts forecasts for 2019/2020 world wheat, corn crops

LONDON,  (Reuters) – The International Grains Council (IGC) cut its forecast on Thursday for world wheat production in the 2019/2020 season, reflecting diminished crop outlooks in Russia, the European Union and Canada.

The inter-governmental body lowered its 2019/20 global wheat crop forecast by 6 million tonnes to 763 million tonnes.

Top wheat exporter Russia was seen harvesting a crop of 75.7 million tonnes, down from a previous forecast of 79.5 million.

The downward revision, in its monthly update, followed news on Wednesday that SovEcon, one of Russia’s leading agriculture consultancies, had cut its forecast.

The EU’s wheat crop was seen at 148.7 million tonnes, down from 151.2 million seen previously, mainly reflecting downward revisions for France, Germany, Britain and Poland.

Canada’s wheat crop was cut to 32 million tonnes from a previous projection of 33.6 million.

The council also trimmed its forecast for 2019/20 world corn (maize) production by 3 million tonnes to 1.092 billion tonnes, with a cut to China’s outlook partly offset by an upward revision for Brazil.

The IGC’s forecast for the crop in the United States, the world’s top producer, was unchanged at 333.5 million tonnes.

Global soybean production in 2019/20 was seen at 348 million tonnes, marginally below a previous forecast of 349 million reflecting a downward adjustment for the United States.

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