IGC raises forecast for 2023/24 world corn crop

The International Grains Council (IGC) on Thursday raised its forecast for 2023/24 global corn production by 4 million metric tons to 1.223 billion tons, buoyed by an improving outlook for the United States.

The inter-governmental body, in a monthly update, said it upwardly revised its forecast for the U.S. crop to 387 million tons from a previous projection of 382.7 million reflecting reports of better than expected yields.

The IGC also increased its 2023/24 world wheat crop outlook by 2 million tons to 787 million driven by improved outlooks for Ukraine, Russia and Turkey.

Ukraine’s wheat crop was seen at 28.7 million tons, up from 27.4 million seen previously, Russia’s at 90 million (up from 89 million) and Turkey’s at 21.8 million.

Tags: corn, crop forecast