Record corn, wheat, and rice production and consumption in 2021/22

May 19, 2021 - Global corn production is forecast up, driven by the United States, Argentina, Brazil, and Ukraine, according to a report published by the USDA. If realized, Brazil and Ukraine will have record production, with Argentina at record-tying production and the United States at a near record.

For global consumption, both feed and non-feed uses are expected to grow supported by greater availability. Ending stocks are forecast up as the United States and Brazil, both major exporters, are expected to increase carryout.

Global wheat production is forecast up with larger crops in the European Union, the United Kingdom, Morocco, Argentina, Ukraine, and the United States.

Overall consumption is up with larger Food, Seed, and Industrial (FSI) use as well as larger feed and residual use. Food consumption continues to rise due to population growth and changing diets, especially in South Asia and China.

Feed use is expected higher, especially in Europe with its significant rebound in production. Global ending stocks are forecast up slightly, with higher carryout in Russia, the European Union, and India offsetting lower stocks in China and the United States. Trade is forecast at a record with stronger imports across Asia, Africa, and the Middle East.

Global rice production is forecast at a record with larger crops in Bangladesh, China, and Southeast Asia more than offsetting declines in India and the United States. Global consumption is expected to rise, primarily in China and South Asia. Global trade is forecast relatively flat with India forecast to remain the top exporter. China will be the top importer, driven by record consumption.

Global stocks are down driven primarily by China reducing its massive stockpile. China accounts for approximately 65 percent of global stocks, while India holds 16 percent.