The International Grains Council (IGC) said it has trimmed its forecast for 2024/25 global wheat production driven partly by a diminished outlook for the European Union.
The inter-governmental body, in its monthly update, cut its 2024/25 wheat crop outlook by 2 million metric tonnes to 796 million tonnes.
EU wheat production was revised down to 120.3 million tonnes, down from a previous forecast of 121.8 million and sharply below the prior season's 133.1 million.
EU Harvest
The EU harvest has been hit in particular by the smallest crop in France in 40 years, as well as a sharp fall in German production as the bloc's two biggest wheat growers endured repeated heavy rain in the past year.
The IGC also raised marginally its 2024/25 world corn crop outlook by 1 million tonnes to 1.225 billion tonnes.
African corn production was seen at 91 million, up from a previous forecast of 86.8 million but still below the prior season's 93.8 million.
The impact was partially offset by a slight cut in the US corn crop forecast to 384.6 million tonnes from 386.2 million.
Global soybean production in 2024/25 was cut by 2 million tonnes to 419 million, largely reflecting a reduced US crop estimate, although it remained well above the prior season's 396 million.
In September, France's farm ministry lowered its estimate of the country's 2024 soft wheat output to 27% below last year's volume, making it one of the worst harvests in the past 40 years in the European Union's largest grain grower.
At the time, EU wheat production was revised down to 120.3 million tonnes, down from a previous forecast of 121.8 million and sharply below the prior season's 133.1 million.
