IGC trims forecast for 2022/23 world corn crop

The International Grains Council (IGC) on Thursday trimmed its forecast for 2022/23 global corn production, partly reflecting downgrades to output in the European Union and the United States.

In its monthly update, the inter-governmental body saw 2022/23 global corn (maize) production falling by 2 million tonnes to 1.166 billion tonnes, considerably below the prior season’s 1.217 billion.

The main revisions were for the EU, where corn output is now seen down at 53.5 million tonnes versus 56.2 million previously, and the United States, which is now seen producing 353 million tonnes versus 354.2 million.

The IGC expects the U.S., the world’s biggest corn exporter, will ship just 54.6 million tonnes of corn in 2022/23, versus a previous forecast for 57.8 million tonnes of shipments.

This will leave the country with closing corn stocks of 29.8 million, down from 31 million expected previously.

The IGC kept its 2022/23 world wheat crop forecast unchanged at 792 million tonnes.

Tags: corn, IGC, crop forecast