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IGC Lifts Grain Trade Forecast
The International Grains Council (IGC) has lifted its forecast for global wheat and coarse grain trade combined in the 2017/18 marketing year (Jul-Jun) to a record 358.3 Mt, up almost 6 Mt from 2016/17. This partly reflects expectations of stronger corn shipments from South America, with higher forecast corn shipments from Argentina (+6.9 YoY to 29.6 Mt) and Brazil (+19.4 YoY to 32.2 Mt).
The world soya (bean + meal) export forecast for the 2017/18 trade year (Oct-Sep) is 8.1 Mt higher than 2016/17’s estimate, rising to 213.8 Mt. Brazil is expected to be the largest exporter next year.