Foreign media news on November 16: Driven by improved prospects for U.S. corn production, the International Grains Council (IGC) raised its global corn production forecast for 2023/24 by 4 million tons on Thursday.
The IGC expects global corn production to reach 1.223 billion tons, higher than the 1.219 billion tons forecast on October 19, and an increase of 62 million tons or 5.34 percentage points from the previous 2022/23 annual output of 1.161 billion tons. The IGC raised U.S. corn production this month to 387 million tons, an increase of 4.3 million tons from the 382.7 million tons forecast last month to reflect the impact of better-than-expected corn yields. Due to the increase in production, this month IGC also raised global corn consumption in 2023/24 by 5 million tons to 1.213 billion tons, an increase of 39 million tons or 3.3% from the previous year's 1.174 billion tons. Ending stocks were also raised by 2 million tons to 285 million tons, an increase of 10 ...
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