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The IGC attributed the month-over-month drop to downward adjustments for Southern Hemisphere corn (maize) crops and smaller numbers for sorghum and wheat.

Total grains production for 2021-22 is estimated 3% higher year-over-year with increases in corn, wheat and sorghum offsetting reductions in barley and other coarse grains.

Total use, due to increases in consumption particularly feed, is expected to increase 2% to 2.286 billion, also a new record.

Meanwhile, total grain trade is expected to drop 1% to 424 million tonnes because of an expected pullback in Chinese corn imports, the IGC said.

With dwindling yield potential in South America, the forecast for 2021-22 global soybean production was further cut to 353 million tonnes, a 4% decrease from last season.