IGC raises corn crop forecast, wheat outlook trimmed

The International Grains Council (IGC) raised its forecast for 2023/24 global corn production, boosted by an improved outlook for Ukraine’s crop.

The inter-governmental body, in a monthly update, raised its 2023/24 global corn crop forecast by 1 million metric tons to 1.222 billion tons, with Ukraine’s output seen at 28 million tons, up from a previous projection of 27 million.

The IGC also trimmed its 2023/24 world wheat crop outlook by 1 million metric tons to at 783 million, with downgrades for Australia (25.4 million tons from 27.9 million), Canada (29.8 million from 31.5 million) and Argentina (16.6 million from 17.5 million).

The impact was partially offset by upward revisions for Russia (87.4 million tons from 84.4 million) and Ukraine (25.9 million from 24.5 million).

“Changes this month mainly reflect latest harvest data, which included good results in Russia and Ukraine, as well downgrades related to recent difficult weather in Australia, Canada and Argentina,” the IGC said.
Source: Reuters (Reporting by Nigel Hunt; editing by Jason Neely and Mark Potter)