The International Grains Council (IGC) raised its forecast for 2023-24 global corn production to a fresh record high although the impact was offset by an improving outlook for use. IGC now forecasts global corn production at 1.234 billion MT, up 4 MMT from last month and 71 MMT (6.1%) above year-ago. But it also raised consumption 4 MMT. Global corn ending stocks are forecast to be 1 MMT lower than last month, though still up 11 MMT (4.0%) from last year.
IGC made no changes to its global wheat production forecast, with it expected to drop 15 MMT (1.9%). But IGC trimmed global ending stocks, which are now projected to also decline 15 MMT (5.4%).
IGC lowered its 2023-24 global soybean production forecast 1 MMT to 391 MMT, though that would still be up 18 MMT (4.8%) from last year. Global soybean carryover was reduced 1 MMT, though that would still be up 8 MMT (14.0%) from last year.
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