IGC sees world corn crop up 23/24 on boost from US, returns to leading exporter – Money Times

oh International Grains Council (IGC(abbreviated in English) raised its forecast for global production this Thursday Corn 2023/24, mainly driven by improved outlook to us.

In a monthly update, the intergovernmental organization estimated global maize production for the 2023/24 season at 1.208 billion tonnes, up 6 million from its previous forecast and up from last season’s 1.150 billion.

US corn production was estimated at 381.8 million tonnes, compared to the previous estimate of 377.7 million and the previous season’s 348.8 million.

Increasing production will help the US regain its position as the world’s number one corn exporter.

to Exports US corn exports in 2023/24 are expected to rise to 55.9 million tonnes from 47.0 million tonnes in the previous season, while Brazilian exports are estimated at 47.4 million metric tonnes in 2023/24, unchanged from a year ago.

IGC predicts maize production Ukraine 21 million tonnes, unchanged from the previous forecast, but down from 27 million in 2022/23.

Ukraine’s maize exports will drop to 15 million tonnes from 24 million the previous season.

Wheat

The IGC maintained a forecast for the world crop Wheat 2023/24 787 million tonnes, compared to 803 million in the previous season.

There were small upward revisions to the 2023/24 wheat crop forecasts Russia (83.6 million out of 82.8 million) and the European union (137.8 million out of 136.6 million).

However, the US wheat crop outlook fell to 49.4 million tons from 51.4 million.

A general decline in wheat production reduced global stocks to 277 million tonnes at the end of the 2023/24 season from 284 million a year earlier.

Overall grain stocks are expected to fall to 581 million by the end of the 2023/24 season, the lowest since 2014/15 and down from 584 million a year earlier.

“With some tightening in wheat, global inventories are likely to decline,” the IGC said.