IGC Raises Estimate for 2023-24 World Grain Production

The International Grains Council has raised its estimate for total world grain production in 2023-24.

Its forecasts on corn and soybeans were increased as well, while production estimates for wheat were held steady.

The London-based IGC issued its latest supply and demand report yesterday (Thu).

World grain production was bumped up by eight million tonnes from the IGC’s March report, bringing it to 2.29 billion tonnes.

That’s 39 million tonnes more than where the council pegged the previous year’s output.

Increases in corn and soybean production, led by Brazil, resulted in the IGC raising its call.

The global grain trade was cut by four million tonnes in April at 407 million, which is slightly below that in 2022-23.

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