Glacier FarmMedia – As the world’s supply of grain for 2023/24 was increased to 2.307 billion tonnes, the International Grain Council bumped its projections for wheat and corn, while trimming those for soybeans.
The London-based IGC released its first monthly report of the new calendar year on Jan. 11, listing total grain production up from its November call of 1.872 million tonnes. The IGC does not issue reports for December.
Among the changes the council made for January, production increases included Australia from 37 million tonnes to now 39.3 million; Canada up from 55.5 million to 59.1 million; and China now at 434.7 million compared to 426.4 million previously.
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Also, the IGC upped its projection on total grain ending stocks from 584.9 million tonnes to 590.2 million.
Global wheat production for 2023/24 was pushed up to 788.3 million tonnes from November’s 786.6 million. Among the notable changes to output were Australia raised 1.1 million tonnes at 25.5 million, and Canada from 29.8 million to now 32 million.
World wheat ending stocks were nudged up from 264 million tonnes in the IGC’s previous report to now 265.6 million.
Global corn output for the current marketing year was raised as well, from 1.223 billion tonnes in the IGC’s November estimates to now 1.230 billion.
There were production increases for China from 280.6 million to now 288.8 million tonnes, and Ukraine from 28.8 million to 30 million. These were offset by a cut to Brazil from 124 million tonnes to 119.7 million.
With the higher corn production, ending stocks were raised two million tonnes at 286.8 million.
The IGC reduced 2023/24 world soybean production from 394.8 million tonnes in November to now 392.4 million. Argentina was boosted from 44 million tonnes to 48.5 million, Brazil was cut from 160 million tonnes to 153.5 million.
Despite the drop in soybean production, the IGC raised ending stocks from 62.2 million tonnes to now 66.1 million. A large part of that came with increasing the carry-in from 53.9 million tonnes to now 57.3 million.
The next monthly report from IGC is scheduled for Feb. 15.
