IGC Raises Global Corn, Wheat and Soybean Production Forecasts

corn harvest
corn harvest
(Farm Journal)

The International Grains Council (IGC) raised its forecast for 2023-24 global grain production by 3 MMT to 2.295 billion MT. That would be up 30 MMT (1.3%) from last year.

IGC increased its 2023-24 corn production 4 MMT to 1.223 billion MT, due mostly to better-than-expected U.S. yields. Corn production is now forecast to jump 62 MMT (5.3%) from last year.

IGC raised its 2023-24 world wheat production estimate by 2 MMT to 787 MMT, driven by improved outlooks for Ukraine, Russia and Turkey, though that would still be down 17 MMT (2.1%) from last year.

IGC increased its global soybean production forecast 2 MMT to a record 395 MMT, due to higher estimates for the U.S. and Black Sea region. Global soybean production is expected to rise 28 MMT (7.6%) from last year.

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