IGC expects food stocks to decrease for the fifth time in a row

London, United Kingdom-According to the International Grain Council (IGC) May Grain Market Report, although world cereal production is expected to increase by 72 million tons from 2021-22, cereal stocks are expected to experience a fifth annual decline. The total grain output is estimated at 2.292 billion tons, which is higher than the downward revised estimate of 2.22 billion tons in 2020-21. The increase in global production forecasts partially offset the impact of tighter inventories at the beginning of the period. The total grain output in 2020-21 is lowered to 2.22 billion tons, mainly due to the downgrade of Brazilian corn. This is still an increase of 35 million tons from 2019-20. The IGC stated that driven by China’s higher-than-expected imports, world trade is estimated to have reached a record high of 420 million tons, an increase of 26 million tons year-on-year.