MarketsFarm — Reductions to global corn production for 2023-24 resulted in the International Grains Council cutting some of its numbers in its monthly supply and demand report issued Thursday.
The London-based IGC reduced its forecast for world corn output from its September call of approximately 1.222 billion tonnes, to 1.219 billion.
Although total use in the October report was kept at 1.208 billion tonnes, the carryout was revised from 288.7 million down to 283.3 million. That was partly due to total supply being chopped from 1.497 billion tonnes to 1.492 billion.
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Leading the way for that were reductions in the European Union’s output from 61.1 million tonnes to 59.8 million, and U.S. output being cut from 384.4 million to 382.7 million.
All that resulted in 2023-24 world grain production being lowered from 2.295 billion tonnes to 2.292 billion, but with ending stocks falling from 587.7 million to 581.8 million.
The IGC kept its carryout for world wheat at 262.6 million tonnes, despite bumping up its 2023-24 production estimate from 783.5 million tonnes in September to 784.9 million.
As for 2023-24 soybeans, the IGC cut world production from 396 million tonnes to 393.5 million but tacked on 100,000 tonnes to the carryover bringing it to 61.7 million.
