The International Grains Council (IGC) trimmed its forecast for 2022-23 global wheat production by 1 million metric tons (MMT) to 791 MMT. IGC slashed its Argentine wheat crop forecast by 4.5 MMT to 13 MMT, which was only partially offset by a 1.2-MMT increase for Australia and 1.5-MMT jump in the Turkey wheat crop. IGC still forecasts global wheat production will rise 10 MMT (1.3%) from 2021-22. USDA forecasts global wheat production at 783 MMT.
IGC kept its 2022-23 global corn production forecast at 1.166 billion metric tons, which would be down 53 MMT (4.3%) from last year. USDA projects global corn production at 1.168 billion metric tons.
IGC raised its 2022-23 global soybean crop peg by 2 MMT to 388 MMT, which would be up 32 MMT (9.0%) from last year. USDA projects global soybean production at 391 MMT.
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