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.
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