The IGC has lowered its forecast for global wheat production in the 2015/16 season.

IGC cuts 2015/16 global wheat production estimate

2015-08-06 10:21 |
source: China Grain Network |
in its July monthly report, the International Grains Council (IGC) lowered its global wheat production forecast for 2015/16 to 0.71 billion tons, 1 million tons lower than its earlier forecast.

The IGC said bad weather had triggered a spike in wheat prices in early July, but supply concerns were quickly dispelled by falling demand and abundant wheat stocks. However, wheat consumption is still expected to exceed supply by 2 million tons.

The IGC expects North American wheat production to fall to 90.3 million tonnes, down from last month's forecast of 92 million tonnes. EU wheat production is expected to be 0.1527 billion tons, down from the 0.153 billion tons forecast last month. Black Sea wheat yield data were slightly revised downwards.

At the same time, the increase in wheat production data in South America and Asia offset part of the decline. The IGC revised up its wheat yield data for South America and Asia by 500000 tonnes each.