IGC raises corn crop forecast

LONDON: The International Grains Council (IGC) on Thursday raised its forecast for 2023/24 global corn production, boosted by an improved outlook for Ukraine’s crop.

The inter-governmental body, in a monthly update, raised its 2023/24 global corn crop forecast by 1 million metric tons to 1.222 billion tons, with Ukraine’s output seen at 28 million tons, up from a previous projection of 27 million.

The IGC also trimmed its 2023/24 world wheat crop outlook by 1 million metric tons to at 783 million, with downgrades for Australia (25.4 million tons from 27.9 million), Canada (29.8 million from 31.5 million) and Argentina (16.6 million from 17.5 million).