Global corn production is on the rise this year, with a small increase in the EU

According to the November forecasts made by the International Grains Council (IGC), this year's global maize production is recovering. Forecasts call for a 64% increase in production over 2022. This is mainly due to the increased crop yields we've had in the US. The US Department of Agriculture's (USDA) National Agricultural Statistics Service (NASS) forecasts that 2023/2024 corn production is projected to be 15.2 billion bushels. The average yield is 174.9 bushels per acre, while the cultivated area is 87.1 million acres. The USDA also predicts that corn production will be increased in Ukraine, with yields announced in late October surpassing the previous record levels we had in 2018/2019. Maize production in Ukraine is forecast to reach 29.5 million tons, with yields of 7.38 tons per hectare. Corn production in Russia, for 2023/2024, is also forecast to show an increase because we have a higher than expected area of the crop. Yields will also fluctuate at high levels, although ...