Miller Magazine Issue: 136 April 2021

19 MILLER / aprıl 2021 er, averaging 89% during the next five years. For soybeans, assuming area gains and improvements in productivity, global production is predicted to also hit successive peaks during the medium-term, but with growth likely to slow after an initially solid increase in 2021/22. The markets in Asia and the Americas will con- tinue to shape the pattern of soymeal demand during the next five years, with food and industrial (biodiesel) sectors also set to contribute to growth in soy oil usage. A modest uptrend in world inventories is anticipated, tied to gains in major exporters. World soybeans trade is set to grow progressively, albeit at a slower pace than in the past, with China's share of the world total staying at about 60 percent. Other buyers in Asia are set to secure a higher share of the total, while the EU will remain an important market given the likelihood of tight local rapeseed supplies. Brazil will remain the preeminent supplier. World rice production is anticipated to trend higher in the next five years. Gains will predominantly be due to improved yields as prospects for area growth in the major rice produc- ing regions of Asia appear limited. By contrast, while remain- ing a relatively small producing region, sub-Saharan African output is expected to grow especially quickly as policy initia- tives to promote production encourage planting. While population growth will continue to underpin larger food requirements through to 2025/26, changing consum- er preferences in Far East Asia, the world’s biggest consum- ing region, may contain growth in food uptake of rice. This includes China, where stocks are tentatively seen broadly stabilising in the coming years amid official efforts to better manage inventories and maintain crop quality. Neverthe- less, global inventories are likely to continue growing, led by gains in India. Trade is projected to expand as larger re- quirements in sub-Saharan Africa underpin demand, while India is seen remaining the world’s biggest exporter. This study would serve as a backdrop of the next edition of the IGC conference to be held online on the 8th and 9th June 2021. More than 36 international speakers would address the main risks and resilience of the global grains market such trade policy development to avoid disruption of the dynamic flow of grains, trade finance as a trade facil- itation tool toward developing countries and the adaptation of the whole Grains Value Chain to the climate actions. Reg- istration to the Conference is now open: https://www.igc.int/en/conference/confhome.aspx