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Futures Close Report 27/05/21

IGC increased their forecast for global grains production for 21/22 to a record 2.292 billion tonnes – up 5mt on their previous estimates.  However, this is set against total consumption at 2.297 bn tonnes leading to a draw down in stocks.  Global corn up 2mt @ 1.194bn tonnes (1.134bn t 20/21) and wheat production unchanged at 790mt (774mt 20/21).