The International Grains Council (IGC) slashed its 2021-22 world soybean production estimate to 353 million metric tons (MMT), down 15 MMT from its January forecast amid “evidence of dwindling yield potential in South America.” World 2021-22 soybean ending stocks are estimated at 43 MMT, down 9 MMT from January and 10 MMT from the 2020-21 marketing year.
IGC estimates global corn production at 1.203 MMT, down 4 MMT from last month but up from 71 MMT from 2020-21. World corn carryout stocks for 2021-22 are expected to be 281 MMT, down 6 MMT from January but still up 4 MMT from 2020-21.
Overall, IGC trimmed 2021-22 world grain production by 5 MMT from January to 2.281 MMT. That would be 61 MMT higher than 2020-21. Total grain carryout stocks at 596 MMT, would be down 5 MMT from last month’s estimate and 2020-21.
