Futures Close Report 14/01/21

International Grains Council (IGC) have reduced their global grain production forecast for 20/21 production by 9 million tonnes to a total of 2.21 bullion tonnes. Mainly due to reduced maize (-13mt) production forecasts which were slightly offset by increase (+3mt) in wheat production. Grain stocks were seen at 611 million tonnes which is a 5 year low.

Wheat production for 21/22 increased by 3% to a record 791 million tonnes. World wheat stocks are projected to rise by circa 15 million tonnes by end of 2021/22 to a record high of 309 million tonnes.