The International Grains Council (IGC) has raised its forecast for 2023/24 global corn production driven primarily by an improved outlook in the United States.
The inter-governmental body, in a monthly update, put global corn production for the 2023/24 season at 1.208 billion tonnes, up 6 million from its previous projection and well above the prior season's 1.150 billion.
US corn production was seen at 381.8 million tonnes, up from a previous forecast of 377.7 million and the prior season's 348.8 million.
The rise in production could help the US regain its mantle as the world's top corn exporter.
US corn exports in 2023/24 were seen rising to 55.9 million tonnes, up from 47.0 million in the prior season, while Brazilian exports were preliminarily seen at 47.4 million in 2023/24, unchanged from a year earlier.
Outlook
The IGC forecast Ukraine's corn production at 21 million tonnes, unchanged from its prior projection but down from 27 million in 2022/23.
Ukraine's corn exports were seen falling to 15 million tonnes from the prior season's 24 million.
The IGC maintained its 2023/24 world wheat crop outlook at 787 million tonnes, down from 803 million in the prior season.
There were minor upward revisions to 2023/24 wheat crop forecasts for Russia (83.6 million from 82.8 million) and the European Union (137.8 million from 136.6 million).
The US wheat crop outlook was, however, cut to 49.4 million tonnes from 51.4 million.
The overall decline in wheat production was seen leading to a drawdown in global stocks at the end of the 2023/24 season to 277 million tonnes from 284 million a year earlier.
Overall grain stocks at the end of the 2023/24 season were expected to decline to 581 million, potentially the smallest since 2014/15 and down from 584 million a year earlier.
"Led by some tightening in wheat, global stockpiles are set to edge lower," the IGC said.
News by Reuters, edited by ESM – your source for the latest supply chain news. Click subscribe to sign up to ESM: European Supermarket Magazine.
