IGC Lowers Global Corn Production Forecast, Adjusts U.S. Estimates

The International Grains Council (IGC) announced on Thursday a reduction in its forecast for global corn production for the 2024/25 season, primarily due to a downward revision in U.S. estimates.

Key Highlights:
Global Production Adjustment:

The IGC cut its global corn crop forecast by 6 million metric tons, bringing the total to 1.219 billion tons.
U.S. Corn Crop Revision:

The U.S. corn production estimate has been revised down to 377.6 million tons, down from 384.6 million tons previously. This adjustment aligns with the latest U.S. government estimates released by the Department of Agriculture.
Dry Growing Conditions:

The USDA’s recent forecast reflects challenges faced during the growing season, particularly a dry end that affected yields.
Wheat Production Outlook:

The IGC maintained its 2024/25 world wheat crop outlook at 796 million tons. This figure includes a slight downward revision for Russia (from 81.8 million to 81.3 million tons) but is offset by an upward adjustment for Australia (from 31.3 million to 31.9 million tons).
Future Projections:

For the 2025/26 season, wheat production is tentatively projected to rise to a record 805 million tons, reflecting a 1% year-on-year increase based on current data regarding sown areas and weather conditions.
Supply and Demand Dynamics:

The IGC noted that with only a fractional increase in supply expected, projected gains in consumption could lead to a further reduction in end-season stocks.

IGC Lowers Global Corn Production Forecast, Adjusts U.S. Estimates
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