November 27, 2020
IGC cuts corn crop forecast
The International Grains Council (IGC) on November 26 cut its forecast for global corn production in the 2020/21 season, Reuters reported.
In its monthly update, global corn crop forecast was reduced by 10 million tonnes to 1.146 billion tonnes mainly due to lowered outlooks for crops in the United States, Ukraine and the European Union.
The US corn crop, the world's largest, was pegged at 368.5 million tonnes, down from 373.9 million and bringing it in line with the US Department of Agriculture's current forecast.
The EU's corn crop forecast was cut to 60.1 million tonnes from 62.6 million, due to a sharp downward revision for Romania's crop to 7.1 million tonnes from 10.4 million.
Drought has dampened the outlook for corn production in both Romania and Ukraine.
Ukraine's crop was pegged at 30 million tonnes, down from a previous forecast of 33 million.
The IGC also doubled its forecast for China's corn imports in the 2020/21 season to 16 million tonnes, as its swine herd's recovery from African swine fever is prompting increased feed demand.