IGC Raises Global Corn Production Forecast, Cuts Wheat Crop
The International Grains Council (IGC) raised is 2024-25 global corn production forecast by 1 MMT to 1.226 billion MT. Corn production is now expected to rise 3 MMT (0.2%) from last year. IGC raised its U.S. corn production forecast 5.5 MMT, which was partially offset by reductions for Russia and Romania.
IGC cut its global wheat crop estimate by 2 MMT to 799 MMT on a downward revision to France’s crop. Global wheat production is still expected to increase 5 MMT (0.6%) from last year.
IGC raised the global soybean production forecast to 419 MMT, up 4 MMT from last month due mostly to a bigger U.S. crop. Global soybean production is expected to jump 27 MMT (6.9%) above last year’s record.
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