The International Grains Council (IGC) cut its 2024 global corn production forecast 6 MMT from last month to 1.220 billion MT to reflect reductions mainly in Argentina and sub-Saharan Africa. The global corn crop is now forecast to decline 5 MMT (0.4%) from year-ago instead of its previous outlook for an increase.
IGC lowered its 2024 global wheat production forecast 3 MMT from last month to 795 MMT due to cuts for Russia, Ukraine and the U.S., though that would still be up 5 MMT (0.6%) from last year.
IGC’s global soybean crop projection was raised 1 MMT to 414 MMT, a 23-MMT (5.9%) increase from last year.
Start a Pro Farmer free trial for more global grain outlook and market impacts.
