Global Grain Supply Crunch Is Set to Get Worse, IGC Says
- Agency cuts 2021-22 stockpile estimate to a seven-year low
- Bulging harvests aren’t enough to offset bigger demand
Photographer: Milan Jaros/Bloomberg
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Global grain stockpiles could grow even slimmer next season, exacerbating a supply crunch across crop markets already pushing up food prices.
The International Grains Council cut its inventory estimate for the 2021-22 season to 595 million tons, the lowest in seven years, according to a report published Thursday. Rising animal-feed demand and a drought-stricken Brazilian corn crop are outweighing bumper harvests elsewhere, shrinking the world’s grain supply cushion for a fifth straight season.