IGC experts have raised forecasts for world production of wheat and corn in 2024/25 MR

In the report of the International Grains Council (IGC), released on July 18, forecasts of world wheat and corn production for 2024/25 were raised.

Thus, compared to June estimates, the forecast for grain production, including wheat and feed grain, was increased by 8 million tons to a record 2.321 billion tons, which will exceed the previous season's figure by 1%. This was made possible by improved prospects for wheat harvests in North America, Pakistan and Kazakhstan, as well as corn production in the United States.

Despite a lower estimate of opening stocks and a slight increase in forecast demand, ending stocks are up 4 million tonnes from June estimates. Feed, food and industrial use are expected to rise to record highs, so ending grain stocks will decline in FY 2024/25 by 1% to a 10-year low of 586 million tons.

The volume of world grain trade will decrease by 7% compared to 2023/24 MR to 418 million tons.

Soybean production will increase by 6% to a peak of 415 million tons, while consumption will rise to a record 404 million tons. Global soybean trade will also increase by 3% compared to the previous season, thanks to stronger demand from China, Europe and Africa.

According to the IGC forecast, rice production in FY 2024/25 will grow by 2% compared to FY 2023/24 to a record 528 million tons.

In July, the IGC price index for grains and oilseeds (which takes into account the prices of wheat, corn, barley, rice and soybeans) decreased by 2% compared to June to 224 p, which is 16% lower than in July 2023.