IGC: Monthly forecast for world grain production increases

Market & Price Trends
Maize (Corn)
Grains, Cereal & Legumes
Published Nov 18, 2023

Tridge summary

The global corn and wheat outlook has improved due to better-than-expected yields in the U.S. and updates from Ukraine, Russia, and Turkey. Total grain consumption is expected to increase, primarily driven by an increase in corn. However, global stocks are projected to decline, particularly in wheat, barley, and oats, while corn exports from the U.S. are increasing. The global grain trade is also expected to decrease.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Better prospects for corn and wheat Changes from October include an improved outlook for corn, driven primarily by reports of better-than-expected U.S. yields, as well as increased wheat data, reflecting recent updates from Ukraine, Russia and Turkey. The forecast for total grain consumption, at 2.308 billion tonnes, is also 3 million higher month-on-month, with the majority of the increase coming from corn. The forecast for ending stocks increases by 3 million tonnes, to 585 million. The world trade projection (July/June) is raised by 1 million tonnes compared to October as an upward revision in corn supplies more than compensates for wheat and sorghum cuts. Year-to-year forecasts With expectations for a record global corn harvest, total cereal (wheat and feed grain) production is expected to increase by 1% to 2.295 billion tonnes in the 2023/2024 season. Although wheat production will be lower year-on-year, it is still expected that the harvest will be the second largest on ...
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