The International Grains Council (IGC) trimmed its forecast for this year’s global corn output, largely driven by drought stress in the European Union. IGC cut its global corn production forecast by 1 MMT to 1.189 billion MT, which would be down 31 MMT (2.5%) from last year.
IGC raised its 2022 global wheat production forecast by 1 MMT to 770 MMT, which would be down 11 MMT (1.4%) from last year.
IGC cut its global soybean production forecast for this year by 4 MMT to 386 MMT, due mostly to reduced prospects for the U.S. crop amid lower planted acreage. Global soybean production in 2022-23 is still expected to rise 35 MMT (10%) from last year.
Unlock premium market analysis that’s not available online when you start a Pro Farmer subscription. Start a 1-month trial here.
