MarketsFarm — The International Grains Council (IGC) on Thursday bumped up its forecast for total global grain production for 2023-24 to a record 2.294 billion tonnes, raising outputs for corn and soybeans but reducing its call for wheat.
Compared to the IGC’s April report, it added three million tonnes to its May forecast on overall new crop production. That made for a 40 million-tonne boost from the council’s estimate for 2022-23. The ending stocks for 2023-24 were trimmed by one million tonnes at 580 million, which would be nine million less than the previous year.
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The IGC reduced world wheat production by four million tonnes from April at 783 million, which would be 20 million less than 2022-23. The wheat carryover was cut six million tonnes at 271 million, 12 million less than in 2022-23.
Global corn output saw a nine million-tonne boost from the previous month to 1.217 billion, largely based on significant increases in Brazil’s corn harvests for 2023-24. That compared with world corn production in 2022-23 of 1.153 billion tonnes. IGC raised the carryout for the upcoming crop year by eight million tonnes to 272 million, which would be six million more than stocks in 2022-23.
World soybean production for 2023-24 was nudged up two million tonnes from April at 403 million. That would be 34 million tonnes more than what was reaped in 2022-23. Ending stocks were raised four million tonnes from last month at 64 million, which was a 14 million-tonne hike from the previous year.
