IGC sees world crop production rising in 2024/25

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Published: March 14, 2024

File photo of harvesting near Wymark, Sask., south of Swift Current, on Sept. 8, 2020. (Nancy Anderson/iStock/Getty Images)

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. 

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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