IGC trims global corn production forecast

Maize (Corn)
Published Apr 19, 2024

Tridge summary

The International Grains Council (IGC) has adjusted its forecast for the 2024-25 global grains production, decreasing its corn output prediction by 7 million tonnes due to disease and drought in the Southern Hemisphere, resulting in a still record-setting 1.226 billion tonnes, marking a 2% year-over-year increase. The overall grains production estimate has been lowered by 10 million tonnes to 2.322 billion tonnes, yet it remains at a record high. Wheat production is anticipated to be the second highest ever at 798 million tonnes. The IGC predicts a slight rise in total grains carryover stocks, reversing an eight-year trend, and expects record highs for the 2024-25 soybean crop across output, consumption, trade, and stocks. Nonetheless, global trade in total grains is projected to fall by 2%, and the IGC Grains and Oilseeds Price Index has seen a minor decrease from March, being 21% below the previous year's level.
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

Due to rising disease and drought stress in the Southern Hemisphere, the International Grains Council (IGC) revised its 2024-25 global corn production forecast lower by 7 million tonnes from its projection in March. Despite the month-on-month reduction, the projected corn output of 1.226 billion tonnes would still be a record, topping last year’s all-time high by 2%, the IGC said in its April 18 Grain Market Report. The outlook for production of total grains (wheat and coarse grains) was lowered by 10 million tonnes from March to 2.322 billion tonnes, but it would still be a record. The IGC attributed the lower month-on-month total grains production forecast to “a smaller carry-in” and “a smaller US (corn) figure.” Global wheat output for 2024-25 is projected at 798 million tonnes, virtually unchanged from the previous month and 9 million tonnes higher than last year’s total. If realized, it would be the second largest wheat crop on record behind 803 million tonnes in 2022-23. The ...
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