The International Grains Council (IGC) raised its forecast for 2023-24 global corn production by 9 MMT to 1.22 billion metric tons, reflecting an improved outlook for the United States. IGC forecast U.S. corn production at 383.7 MMT, up 10 MMT from a previous outlook. It now expects global corn production will rise 64 MMT (5.5%) from last year.
IGC lowered its 2023-24 world wheat crop outlook by 2 MMT to 784 MMT, which would be down 19 MMT (2.4%) from last year.
IGC trimmed its 2023-24 global soybean production forecast 2 MMT to 400 MMT, though that would still be up 32 MMT (8.7%) from last year.
USDA’s 2023-24 global production projections are 1.22 billion metric tons for corn, 797 MMT for wheat and 405 MMT for soybeans.
