News

The 2024/25 global corn harvest could drop by a million tons

Maize (Corn)
Published Apr 23, 2024

Tridge summary

The International Grains Council (IGC) has updated its forecasts for the 2024/25 global production of key crops, indicating a slight decrease in the expected output for both maize (corn) and wheat. The global corn production estimate has been lowered by 7 million tons to 1.226 billion tons, with a significant reduction in the US forecast, while the wheat production forecast has been cut by 1 million tons to 798 million tons. Despite these reductions, the overall grain production is projected to hit a record 2.32 billion tons. Soybean production forecasts remain steady at 413 million tons, marking an increase from the previous year. Recent US export data shows an uptick in corn and soybeans sales, contrasting with a drop in wheat sales.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The International Grains Council (IGC) has cut its outlook for the 2024/25 global maize crop, reflecting a lower forecast for the US crop. In its monthly update, the intergovernmental body lowered its global corn crop forecast by 7 million tons to 1.226 billion tons. The forecast still slightly exceeds the previous year's 1.223 billion tons. The 2024/2025 US corn crop was revised downward to 374 million tonnes from 382 million tonnes previously. China's corn crop could be 293 million tons, compared to the previous 291 million tons. The IGC also cut its outlook for the world wheat crop in 2024/25 by 1 million tonnes to 798 million tonnes, although the forecast was still ahead of last season's 789 million tonnes. “The 2024/25 grain supply outlook is slightly more subdued compared to initial forecasts last month,” the IGC said. He also noted that the grain production forecast of 2.32 billion tons will remain at a record high. The IGC maintained its forecast for global soybean ...
Source: AgroForum
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