Posted on February, 21, 2025 at 09:16 am
The International Grains Council (IGC) has cut its forecast for 2024/25 global corn production, largely reflecting a diminished outlook for crops in Brazil and Argentina.
The inter-governmental body, in a monthly update, reduced its 2024/25 corn production forecast by 3 million metric tons to 1.216 billion tons.
The forecast, however, remained slightly higher than the U.S. Department of Agriculture’s current projection of 1.212 billion.
The IGC said the revision was driven by worsening crop prospects in South America with Brazil’s corn crop now seen at 123.3 million tons, down from 124.6 million seen previously, and Argentina’s corn crop cut by 1 million tons to 53 million.
Global soybean production in 2024/25 was downwardly revised to 418 million tons, from 420 million seen previously, reflecting reduced expectations for Argentina and Paraguay.
The outlook for the 2024/25 wheat harvest was raised by 1 million tons to 797 million tons with the crop in Kazakhstan now seen at 18.6 million tons, up from 18.0 million seen previously.
Source: Grain news