The UN raised the forecast for world grain harvest to a record
The FAO (Food and Agriculture Organization of the United Nations) raised its forecast for world grain harvest this year compared to May by 9.3 million tons to 2.7 billion tons. This is 3% more than was collected in the record year of 2019, according to the FAO report.
Forecasts for wheat production were increased for India and Russia (by 2 million tons). They more than compensated for the reduction in projected crop volumes in the EU and the UK.
The forecast for the production of feed grain has been increased by 5.7 million tons to 1.519 billion tons. It reflects expectations of higher barley production in Australia, the EU and Turkey.
The FAO forecast for rice harvesting is 509.2 million tons, which is 400 thousand tons higher than the June estimate. This is due to improved crop views in South America, where favorable weather conditions bring hope for record rice harvests. Grain consumption, according to forecasts, is expected to grow to 2.735 billion tons, which is 1.6% higher than the June forecast.
In connection with new forecasts, the FAO expects that the world's grain reserves will reach 929 million tons by the end of the current agricultural year (ending June 30, 2021). This will lead to an increase in the ratio of cereal stocks in the world to their consumption to the highest level of 20% in 20 years, which creates good prospects for global grain supply.
