The International Grains Council (IGC) increased its 2024-25 world grains production forecast by 9 MMT to 2.321 billion tons, still below projected consumption of 2.324 billion tons. As a result, global grain stocks in the new-crop marketing year are expected to decline to a 10-year low. “With feed, food and industrial consumption expected to increase to record highs, a 1% retreat in stocks is envisaged at the end of 2024-25 to a 10-year low of 586 million tons,” IGC said.
IGC increased its 2024-25 world wheat crop outlook by 8 MMT to 801 MMT, which would be up 8 MMT from 2023-24. IGC also raised its forecast for 2024-25 global corn production by 2 MMT to 1.225 billion tons, which would be up 1 MMT from the current year. The global soybean production forecast was unchanged at 415 MMT, which would be up 23 MMT from 2023-24.
