April 26, 2022

International Grains Council projects lower global corn production in 2022/23

The International Grains Council (IGC) projected global corn production in the 2022/23 season to decline by 13 million tonnes to 1.197 billion tonnes, due to reduced plantings in Ukraine and the US, Reuters reported.

The IGC estimated Ukraine's corn crop dropping to 18.6 million tonnes, down from 41.9 million in the previous season.

Following Russia's invasion into Ukraine, a substantial decline in the area cultivated for spring crops like maize was generally predicted for this season.

The IGC said their estimates were tentative considering the conflict in the Black Sea region.

The US is expected to produce 376.6 million bushels, down from 383.9 million the previous season. The US is the world's biggest corn producer.

Corn output in Brazil is expected to increase from 114.6 million to 123.1 million, and in Argentina from 57 million to 63.7 million.

The IGC projected global wheat production in 2022/23 will decline one million tonnes to 780 million tonnes, with Ukraine's production down to 19.4 million from 33.0 million. This is offset by larger crops elsewhere, including Russia's increased output of 82.5 million from 75.0 million and Canada at 31.6 million, an increase from 21.7 million in the previous season.

-      Reuters