RECORD CORN, WHEAT AND RICE CROPS BUILD STOCKS IN 2020/21...
Grain: World Markets and Trade Approved by the World Agricultural Outlook Board/USDA May 2020... Record Corn, Wheat and Rice Crops Build Stocks in 2020/21 Global corn production in 2020/21 is projected up, primarily driven by a recovery in area for the United States. For major exporters, the United States, Brazil and Ukraine are all projected to have record crops while Argentina has another near-record crop. Global production is forecast to exceed consumption for the first time in 4 years. Both feed and non-feed use are expected to grow under exceptionally low prices, spurring expansion in global trade. Ending stocks are projected up as the United States is set to have the highest ending stocks since 1987/88, offsetting a decline in China. For 2020/21, global wheat production is forecast up with larger crops in most major exporting countries. Production for Argentina, Australia, Canada, Kazakhstan and Russia is forecast higher than the previous yea...