Glacier FarmMedia – World production of wheat, corn and soybeans are all forecast to rise in the 2024/25 crop year, according to the first estimates from the International Grains Council for the upcoming growing season, released March 14.
The IGC expects world wheat production to hit 798.8 million tonnes in 2024/25, which compares with 789.5 million tonnes in the current marketing year. Of that total, the IGC forecasts Canadian wheat production at 38.3 million tonnes, which compares with the IGC’s call for 2023/24 Canadian wheat production of 36.1 million tonnes.
World wheat ending stocks are forecast to tighten to 262.2 million tonnes, from an expected 267.5 million tonnes in 2023/24.
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World corn production is forecast at 1.233 billion tonnes, which compares with 1.227 billion expected in 2023/24. The IGC lowered its corn production estimate for the current marketing year by seven million tonnes from the February forecast due to declining prospects out of South America. The IGC forecast world corn ending stocks to rise to 296.9 million tonnes by the end of the 2024/25 marketing year, from 293.9 million tonnes in 2023/24.
The IGC forecast world soybean production in 2024/25 at 412.8 million tonnes, which compares with 390.5 million tonnes for the current crop year. World soybean ending stocks are forecast to rise to 172.1 million tonnes in 2024/25, which compares with an anticipated 165.9 million tonnes for the current crop year.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
