IGC Modestly Revises Global Crop Production Forecasts

The International Grains Council (IGC) raised its forecast for 2023-24 global corn production by 1 MMT to 1.222 billion MT, boosted by an improved outlook for Ukraine’s crop. IGC now expects global corn production to increase 60 MMT (5.2%) from 2022-23.

IGC trimmed its 2023-24 world wheat crop outlook by 1 MMT to 783 MMT, with downgrades for Australia, Canada and Argentina more than offsetting increases for Russia and Ukraine. Global wheat production is now expected to fall 22 MMT (2.7%) from 2022-23.

IGC cut its 2023-24 global soybean production forecast by 2 MMT to 396 MMT, which would still be up 29 MMT (7.9%) from last year.

Tags: IGC, soybean, Canada, Outlook, Production, wheat, crop, Australia, forecast, Ukraine, Argentina, Russia, International Grains Council, corn