January 15, 2024

International Grains Council forecasts 1.2 billion tonnes for global corn production in 2023/24

The International Grains Council (IGC) on January 11 raised its forecast for 2023/24 global corn production, mainly driven by an upward revision for China.

The inter-governmental body in its monthly update increased its global corn crop forecast by seven million metric tonnes to 1.230 billion tonnes.

China's corn crop was seen at 288.8 million tonnes, up from 280.6 million tonnes seen previously while there were also upward revisions for Russia (17 million tonnes versus 16 million tonnes) and Ukraine (30 million tonnes versus 28.8 million tonnes).

The impact was partially offset by a downward revision in Brazil's corn crop outlook to 119.7 million tonnes from 124 million tonnes in the prior report.

The IGC also increased its 2023/24 world wheat crop outlook by one million tonnes to 788 million tonnes.

- Reuters