According to the IGC (International Grains Council), world grain stocks are expected to reach 504 million tons in 2017. This would be the first time they would exceed the level of 500 million tons.
For the seventh consecutive time, the Council readjusted its production for the 2016/17 harvest upwards, now increasing the estimate by six million tons compared to the previous season. The mark would be reached, according to the IGC, if no unforeseen events occur during the harvest.
According to the projection, grain production in the 2016/17 harvest is expected to reach a record volume of 2.084 billion tons. The result increases the forecast released last month by seven billion tons, and is well above the old record: the 2,048 billion tons recorded in 2014/15.
The IGC estimates an increase of seven million tons in corn production (total of 1,042 billion tons), while wheat should reach 749 million tons – an expansion of one million tons over October. Soybeans should yield 336 million tons, representing an increase of four million tons compared to the previous month.
