IGC Raises Global Corn, Wheat Production Forecasts, Cuts Soybeans
The International Grains Council (IGC) raised its 2023-24 global corn production forecast 7 MMT to 1.230 billion MT amid bigger crop estimates for China, Russia and Ukraine, which exceeded a cut to Brazil’s crop. IGC now forecasts global corn production to rise 65 MMT (5.6%) from last year.
IGC raised its 2023-24 global wheat production estimate by 1 MMT to 788 MMT, though that would still be down 16 MMT (2.0%) from last year.
IGC cut its 2023-24 global soybean production forecast by 3 MMT, as a reduction to Brazil’s crop more than offset gains in other countries. It still forecasts global soybean production to increase 21 MMT (5.7%) from last year.
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