LONDON: The International Grains Council has raised its forecast for 2025/26 global corn production, largely reflecting an improved outlook for the US crop.
The inter-governmental body, in a monthly update, projected the global corn crop would reach a record 1.299 billion tons, up 23 million tons from its previous estimate.
“The unusually sharp revision mainly reflects upgraded US maize (corn) area and yield projections,” the IGC said. The US corn crop was seen at 423.5 million tons, up from a previous projection of 398.9 million.
Last week, the US Department of Agriculture raised its forecast for the nation’s crop to a record-breaking 425.3 million tons, upwardly revising both area and yield estimates.
The improving US crop outlook has been a key factor in driving down Chicago corn futures prices, which have fallen about 17% during the last four months.
The IGC, however, expected an increase in demand would absorb more than half the extra supply, raising its global consumption forecast by 13 million tons to 1.285 million.