The International Grains Council (IGC) raised its forecast for global wheat production in 2022-23, driven largely by a larger-than-expected crop in Ukraine. IGC raised its forecast for the global wheat crop by 5 MMT to a record 796 MMT, up from 781 MMT in 2021-22. Ukraine’s wheat production was seen at 25.2 MMT, up from IGC’s previous forecast of 21.5 MMT, but still well below the prior season’s 33 MMT crop. IGC expects global wheat production to decline to 788 MMT in 2023-24.
IGC cut its 2022-23 world corn crop estimate by 5 MMT to 1.161 billion MT. The reduction reflected a smaller Ukraine crop, which was lowered to 25.5 MMT from its previous forecast of 29.9 MMT.
