World grain production forecast
According to the latest projections from FAO, the global grain production in 2020 is estimated at 2.744 million tonnes. The numbers on wheat output increased by 4.8 million tonnes from the previous forecasts mainly due to higher production from Australia, Canada, and Iraq, setting the newest total estimation of 2020 wheat production at 766.5 million tonnes.
Projections for rice production
The projections for global rice production were raised by 2.2 million to 510.6 million tonnes in total with unexpected output in China, Guinea, and the Philippines. However, the forecast for coarse grains produced globally in 2020 was lowered by almost 5 million tonnes due to unfavorable weather conditions resulting in poor maize production outputs in the U.S. and Ukraine.
WASDE report on supply and demand
The recent WASDE report estimates that the 2020/2021 wheat market will see increased supplies, higher demand for consumption and exports, and lower stocks in March. World consumption is raised to 775.9 million – it is mainly due to China’s increased feed and residual use which is anticipated to further grow by 5 million tonnes to a total of 35 million tonnes. China’s increased consumption is also majorly responsible for lowered global ending stocks calculated at 301.2 million tonnes. Elevated exports from Australia and Canada raise the global 2020/2021 trade to 197.7 million tonnes. Worldwide coarse grain production for 2020/2021 is estimated at 1,444.8 million tonnes. The numbers are raised by 5.9 million tonnes due to output increases from India, Bangladesh, and South Africa. The projections for global corn output are set at 287.7 million tonnes.
