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UPDATE 1-IGC cuts forecast for Ukraine grain exports

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LONDON, March 17 (Reuters) - The International Grains Council (IGC) on Thursday cut its forecast for Ukraine’s grain exports in the current 2021/22 season, noting ongoing conflict in the country had fuelled concerns about potential food security risks.

Ukraine’s grain exports were revised to 47.8 million tonnes, sharply down from last month’s forecast of 62.8 million with the council noting projections were especially tentative and subject to significant uncertainty.

“Immediate threats are mainly centred on the disruption to export flows. Commercial Black Sea port loadings are currently suspended in Ukraine,” the IGC said in a monthly report.

“Although there are efforts to increase exports via railway routes through the country’s western borders, overall volumes are likely to be limited,” the IGC said.

Ukraine’s corn export outlook was cut to 21.0 million tonnes from 31.9 million while wheat exports were downwardly revised to 20.8 million from 24.5 million.

The IGC also downwardly revised its forecast for Russian grain exports to 37.1 million tones from 37.7 million.

“While loadings (in Russia) recently resumed, volumes may be hampered by trade finance restrictions and additional ocean freight insurance requirements,” the IGC said.

The IGC raised its forecast for global corn production in 2021/22 by 4 million tonnes to 1.207 billion tonnes buoyed by improved outlooks for crops in India and the European Union.

The inter-governmental body maintained its forecast for global wheat production in the 2021/22 season at 781 million tonnes. (Reporting by Nigel Hunt; editing by Jason Neely and Jonathan Oatis)

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