IGC Revises Wheat, Soyabean Trade Higher
The International Grain Council (IGC) revised its 2019-20 world grain trade forecast slightly higher this month, with expectations for stronger wheat trade and Chinese imports of wheat and soyabean.
Wheat trade forecasts are up by 1.6 Mt from January’s projection at 176.2 Mt in 2019-20 (Jul-Jun), with EU wheat exports increasing to 30.0 Mt (+2.0 Mt from January). China’s wheat imports are forecast to grow to 4.0 Mt this year (+0.5 Mt from January, +0.8 Mt year-on-year).
Meanwhile, global soyabean trade is forecast at 152.6 Mt in 2019-20 (Oct-Sep), up by 0.7 Mt from January. US exports were revised up by 1.1 Mt to 50.2 Mt and Brazil’s up to 77 Mt (+0.3 Mt from January), off-setting a 1.2 Mt fall in Argentina’s exports (forecast at 9.1 Mt in 2019-20). China’s soyabean imports are forecast to rise to 88.8 Mt in 2019-20 (+0.2 from last month and +2.0 year-on-year).