The International Grains Council (IGC) cut its forecast for 2024-25 global corn production, largely reflecting a downward revision for the U.S. crop. IGC forecasts global corn production at 1.219 billion tons, down 6 MMT from its prior forecast and 12 MMT below year-ago.
IGC kept its 2024-25 world wheat crop estimate at 796 MMT, with a downward revision for Russia offset by an upward adjustment to the Australian crop. For 2025-26, IGC initially projects production will rise to a record 805 MMT.
IGC raised its 2024-25 global soybean production forecast 1 MMT to 420 MMT, now up 24 MMT from last year.
