The September IGC report is estimating that the production figure for wheat and coarse grains will be 2.07bn tonnes. The previous production season saw output at 2.13bn tonnes and was the highest on record.A stronger than anticipated maize harvest in Argentina and the United States, as well as 6m tonne extra of wheat and barley, have pushed up the global harvest size compared to a month ago.
The September IGC report is estimating that the production figure for wheat and coarse grains will be 2.07bn tonnes. The previous production season saw output at 2.13bn tonnes and was the highest on record.
A stronger than anticipated maize harvest in Argentina and the United States, as well as 6m tonne extra of wheat and barley, have pushed up the global harvest size compared to a month ago.
The extra wheat and barley is being driven by Russia where the wheat crop is up by 5m tonnes higher and barley is up by 1m tonnes.
Consumption
The IGC said consumption is also up.
It says that consumption is up by 8m tonnes on last season as a result of greater need for animal feed.
The soyabean crop, too, is looking strong and the IGC is estimating that it will be up by 1m tonnes on the August estimate, with Chinese imports providing the catalyst for that growth. But estimated production is still 3m tonnes lower than last year.
On prices, IGC said prices are holding firm on the global market with currency and strong global demand holding prices despite the bumper harvests across the main production areas.
Irish prices are due to be set by the main co-op buyers as early as this week.
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