The International Grains Council (IGC) trimmed its forecast for 2024-25 global wheat production by 1 MMT to 798 MMT, though that would still be up 3 MMT (0.4%) from last year. IGC cut the EU wheat crop 2.6 MMT, which was only partially offset by a 1.7-MMT increase to Australia’s production outlook.
IGC cut 2024-25 global corn production by 2 MMT to 1.224 billion MT, which would be down 3 MMT (0.2%) from last year. IGC cut the EU corn crop 1.6 MMT, while U.S. production increased 1 MMT.
IGC kept its forecast for 2024-25 global soybean production at 419 MMT, which would be up 26 MMT (6.6%) from last year.
