The International Grains Council (IGC) on Thursday raised its forecast for global corn (maize) production in the 2019/2020 season, mainly reflecting an improved outlook for the US crop. In its monthly update, the inter-governmental body increased its global corn crop forecast by 8 million tonnes to 1.1 billion tonnes.
The US crop was seen at 341.5 million tonnes, up from a previous projection of 333.5 million but still well below the prior season's 366.3 million. The IGC outlook remains, however, significantly below the US Department of Agriculture's current forecast of 353.1 million tonnes.
US farmers have argued the current USDA forecast does not fully reflect the impact of excessive rains earlier this year which stalled planting. Advisory service Pro Farmer last week issued a forecast of 13.358 billion bushels (339.3 million tonnes) after a crop tour of seven top producing states. The IGC noted that US corn production prospects "were still uncertain after a less than ideal growing season".