LONDON: The International Grains Council (IGC) on Thursday trimmed its forecast for 2023/24 global corn production, reflecting a diminished outlook for the crop in the US The inter-governmental body, in a monthly update, cut its global corn production forecast by six million tonnes to 1.211 billion tonnes.
The IGC put the US corn crop at 373.4 million tonnes, down from a previous projection of 381.8 million.
Dry conditions have stressed US corn crops in recent weeks and sent prices to multi-month highs by mid-June, but forecasts for rain later this week and into next week have recently triggered a sell-off. The IGC also raised its 2023/24 world wheat crop outlook by three million tonnes to 786 million tonnes.
The rise partly reflected an improved outlook for Ukraine where the wheat crop is now seen at 22.5 million tonnes, up from a previous forecast of 20.2 million.