The forecast for the 2023/24 world wheat crop has been raised

The International Grains Council (IGC) raised its forecast for global wheat production for the 2023/24 farming season, with upward revisions for Ukraine, Russia and the United States, outweighing a worsening outlook for the Australian crop. The intergovernmental body's monthly update put the global wheat crop forecast at 785 million tonnes, down from the previous forecast of 783 million tonnes and well below last season's record of 803 million tonnes. The International Grains Council estimated Ukraine's wheat production at 27.4 million tons, up from 25.9 million tons previously, while exports were revised down from 12.0 million tons to 12.5 million tons. But exports were still below last season's 17.1 million tonnes after a UN-backed deal allowing exports through a secure Black Sea corridor expired in July. Russia's wheat crop rose to 89 million tonnes, up from an earlier forecast of 87.4 million, while wheat exports were revised upwards to 49 million tonnes from 48.5 million a ...