IGC Issues May Grain Forecast

The International Grains Council has bumped up its forecast for total global grain production for 2023-24 to a record 2.294 billion tonnes, raising outputs for corn and soybeans but reducing its call for wheat.

Compared to the IGC’s April report, it added three million tonnes to its May forecast on overall new crop production.

That made for a 40 million-tonne boost from the council’s estimate for 2022-23.

The ending stocks for 2023-24 were trimmed by one million tonnes at 580 million, which would be nine million less than the previous year.

The IGC reduced world wheat production by four million tonnes from April at 783 million, which would be 20 million less than 2022-23.

Global corn output saw a nine million-tonne boost from the previous month to 1.217 billion, largely based on significant increases in Brazil’s corn harvests for 2023-24.

World soybean production for 2023-24 was nudged up two million tonnes from April at 403 million.

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