The International Grains Council (IGC) cut its 2023-24 global corn crop forecast, reflecting reduced production potential in the U.S. due to drought conditions. IGC forecasts global corn production at 1.211 billion metric tons, down 6 million metric tons (MMT) from its previous expectations but that would still be up 55 MMT (4.8%) from last year. IGC cut its U.S. corn production forecast 8.4 MMT to 373.4 MMT (14.712 billion bushels).
IGC raised its 2023-24 global wheat production estimate 3 MMT to 786 MMT, due mostly to an improved crop outlook in Ukraine. Wheat production is still expected to decline 17 MMT (2.1%) from last year. Read more from Pro Farmer.
