IGC Cuts 2022 Global Corn, Wheat Production Forecasts
The International Grains Council (IGC) cut its global corn production forecast by 13 MMT to 1.184 billion metric tons, reflecting a downward revision to the U.S. crop. IGC reduced its U.S. corn crop forecast by 9.3 MMT (366 million bu.) to 367.3 MMT (14.5 billion bu.) due to the slow planting pace. It kept is forecast for Ukraine’s corn crop at 18.6 MMT, though that would be less than half of its 42.1-MMT crop last year. Global corn production is expected to decline 30 MMT from last year.
Unlock more Pro Farmer market analysis with a 1-month trial.
IGC cut its 2022 global wheat production forecast by 11 MMT to 769 MMT, with the crop now expected to decline 12 MMT from last year. The smaller production forecast was largely tied to a 3.1-MMT (114 million bu.) cut to the U.S. crop and a 6.3-MMT reduction for India’s crop. IGC raised its 2022 Russian wheat crop forecast to 84.7 MMT, up 2.1 MMT from last month. IGC kept its forecast for Ukraine’s wheat crop at 19.4 MMT, about 40% lower than the 33 MMT it produced last year.
Total global grain production for 2022-23 is forecast at 2.251 billion metric tons, down 40 MMT from the current marketing year, but that would still be the second largest on record. Total world grain consumption is expected to drop 8 MMT from 2021-22, the first year-over-year contraction since 2015-16.
Market recaps, market advice text alerts and more included in your Pro Farmer subscription.
IGC raised its global soybean production forecast for 2022-23 by 4 MMT from last month to a record 387 MMT, which would be up 38 MMT from this year due to expected bigger crops in the U.S., Brazil and Argentina.
