The International Grains Council (IGC) cut its forecast for 2022-23 global corn production by 8 MMT to 1.153 billion MT, driven by downward revisions for the U.S. (down 5 MMT to 348.8 MMT) and Argentina (down 2.5 MMT to 53.5 MMT). Global corn production is now forecast to decline 67 MMT from 2021-22.
IGC cut its 2022-23 global soybean production forecast by 7 MMT to 378 MMT, which would still be up 22 MMT from last year, driven by a smaller U.S. crop estimate and diminished prospects in Argentina.
IGC’s initial projections for 2023-24 include a slight uptick in global corn planted area. IGC says, “Given uncertainty about agricultural activity in uncontrolled territories, figures for Ukraine are highly notional, but with area tentatively seen sharply lower year-over-year.” Its world wheat outlook in 2023-24 calls for smaller supplies and, with overall consumption seen trending higher, IGC expects ending stocks will tighten.
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