The International Grains Council (IGC) raised its forecast for 2023-24 global corn production, with an improved outlook for Ukraine’s crop only partially offset by a downward revision for China. IGC now forecasts global corn production at 1.221 billion metric tons, up 1 MMT for last month and 61 MMT above last year. The inter-governmental body raised its outlook for Ukraine’s corn crop by 3 MMT to 27 MMT, though that would be down 700,000 MT from last year. IGC cut China’s corn crop estimate to 277.4 MMT, down 2 MMT from last month, due to recent flooding in the main northeast producing region.
IGC kept its 2023-24 global wheat production forecast at 784 MMT, which would be down 19 MMT from last year.
The global soybean production forecast was cut 2 MMT to 398 MMT, though that would still be up 30 MMT from last year.
