Wheat and Corn Production in the World Will Decrease

Experts predict a decrease in the production of wheat and corn in the world in the 2021/22 season. This forecast was published by the US Department of Agriculture (USDA) representatives. According to the report, global consumption of these types of cereals in the world will increase. Still, the supply will decrease, which will lead to a reduction in stocks.

USDA worsened the forecast for the world wheat harvest by 2.2 million tons. The expected harvest level is 776.4 million tons. The main reason is the poor weather forecast in the Middle East. In Iraq and Syria, severe droughts are expected, which will lead to a decrease in crop yields.

As for corn, its forecast deteriorated by 1.6 million tons to 1,205.4 million tons. USDA analysts expect a low yield of the first harvest of corn in Brazil. In addition, there is a negative weather forecast for the summer in Paraguay, where an abnormal drought is also expected. However, the yield forecast in the Philippines improved to 203.7 million tons.

According to the report, the forecast for Ukraine has not changed. The projected level of the total wheat harvest is 33 million tons, and the export level is 24 million tons. As for corn, USDA analysts expect a harvest in Ukraine at 42 million tons and 33.5 million tons of export.