AgRural lowered its forecast for the second corn crop in Brazil by 5 million tons to 60 million tons, which is 17 million tons less than the initial estimate for the season.
Over the previous week, CBOT SRW wheat futures prices have fallen sharply and soybean futures prices have risen. In Paris, wheat, corn and rapeseed futures prices fell.
In their May forecast, IGC analysts lowered their forecast for the world's ending wheat stocks in 2021/22 to 287.9 million tons from 298.1 million tons in the estimate from the previous month and 284.4 million tons a year earlier.
According to a forecast of the Australian company IKON Commodities, the wheat production in Australia will reach 29.5 million tons in 2021/22 compared to 34.8 million tons in 2020/21.
