IGS is predicting first time ever demand for grains to be more than 2.1 billion tons

The International Grain Council (IGC) in the end of October 2017 has lifted its forecast for world grain consumption for the current marketing year to the new record high.

The London experts are expecting that the world consumption of grains will reach 2.1 billion tons for the 2017/2018 marketing year which is 13 million tons or 0.6% more compared to the previous marketing year and 8 million tons plus to the previous estimate, out of which wheat demand is 9 million tons.

Industrial demand for grain increased by 12 million tons or 3.4% more and will reach 356 million tons. Most probably, the biggest driver will be maize, in particular, China is stimulating consumption to lower the extreme overstock of the commodity.