The International Grains Council maintains unchanged estimate for the 2023/24 global harvest at 2.294 billion tons

By Ana Ritti São Paulo, 09/21/2023 - The International Grains Council (IGC) maintained its forecast for global grain production in the 2023/24 season at 2.294 billion tons, the same level as in August. The projection considers that increases in corn and barley harvests are balanced by cuts in wheat, sorghum and oats. “This month’s changes mainly reflect the most recent harvest data, which included good results in Russia and Ukraine, as well as reductions related to recent more complicated weather conditions in Australia, Canada and Argentina”, he explains in a note. Still in the 2023/24 season, the IGC points out that world consumption was 2 million tons below the previous month, reaching 2.305 billion tons. Furthermore, the projection for end-of-season stocks was raised by 4 million tons, to 588 million tons. For soybeans, in 2023/24, the IGC reduced the production estimate in relation to the month of August, from 398 million tons to 396 million tons in the current report, and ...