The International Grains Council (IGC) has trimmed its global corn production forecast for the 2024/25 season, citing deteriorating crop conditions in South America. In its monthly update, the inter-governmental body reduced its projection by 3 million metric tons to 1.216 billion tons, though this remains slightly above the U.S. Department of Agriculture’s estimate of 1.212 billion tons.
The downward revision was primarily driven by reduced expectations for Brazil and Argentina. Brazil’s corn crop is now forecast at 123.3 million tons, down from 124.6 million, while Argentina’s output was cut by 1 million tons to 53 million.
The IGC also lowered its global soybean production forecast for 2024/25 to 418 million tons, a 2-million-ton reduction from its previous estimate, reflecting weaker prospects in Argentina and Paraguay.
In contrast, the outlook for global wheat production improved, with the 2024/25 harvest forecast raised by 1 million tons to 797 million tons. This revision was supported by an upward adjustment for Kazakhstan, where the wheat crop is now expected to reach 18.6 million tons, up from 18.0 million previously.