LONDON: The International Grains Council (IGC) on Thursday raised its forecast for 2022/23 global corn output, largely driven by an improved outlook for production in Ukraine. In its monthly update, the inter-governmental body increased its 2022/23 world corn (maize) crop outlook by six million tonnes to 1.190 billion tonnes.

Ukraine’s corn crop was seen at 25.1 million tonnes, up from a previous projection of 18.6 million - but still sharply below the 42.1 million in the prior season, before Russia’s unvasion. The IGC said corn acreage in Ukraine had exceeded initial expectations.

Global corn consumption in 2022/23 was seen at 1.204 billion leading to a drawdown in stocks by the end of the season to 271 million, down from 285 million a year earlier. The IGC also maintained its forecast for global wheat production in the 2022/23 season at 769 million tonnes. Ukraine’s wheat crop in 2022/23 was still seen at 19.4 million tones, down from 33.0 million a year earlier.