London | Reuters — The International Grains Council (IGC) on Thursday cut its forecast for 2024/25 global corn production, largely reflecting a downward revision for the United States.
The inter-governmental body, in a monthly update, trimmed its global corn crop forecast by six million tonnes to 1.219 billion tonnes.
The U.S. corn crop was revised down to 377.6 million tonnes from 384.6 million seen previously, bringing it into line with the current U.S. government estimate.
The U.S. Department of Agriculture on Jan. 10 cut its forecast for the 2024 U.S. corn harvest to 377.6 million tonnes following a dry end to the nation’s growing season.
The IGC kept its 2024/25 world wheat crop outlook at 796 million tonnes, with a downward revision for Russia (81.3 million from 81.8 million) offset by an upward adjustment for Australia (31.9 million from 31.3 million).
Wheat production in the 2025/26 season was seen tentatively rising to a record 805 million tonnes, up one per cent year-on-year, based on information on sown areas and weather.
“With supply seen expanding only fractionally, projected gains in consumption could result in a further drawdown in end-season stocks,” the IGC said.
