IGC Raises Wheat Trade Forecast

Grain

Upward revisions to Chinese and Iranian import projections were the primary drivers of a 3.5 Mt upgrade to the International Grain Council’s forecast for world wheat trade in the 2021/22 market year to 194.3 Mt. Amidst reports of sustained buying, forecast Chinese wheat imports were raised by 1.0 Mt to 10.5 Mt, while anticipated Iranian imports were more than doubled to 5.0 Mt.

By contrast, the forecast for China’s 2021/22 (Oct-Sep) soyabean imports was cut by 2.0 Mt to 100.3 Mt, although this would still represent annual growth of more than 4 Mt.