The International Grains Council has trimmed its 2024-25 global corn and soybean production estimates amid downgrades for South America.
In its monthly Grain Market Report Thursday, the IGC pegged global corn output at 1.216 billion tonnes, down 3 million from the January estimate and below 1.231 million the previous year. World soybean production was dropped 2 million tonnes to 418 million, still well above 396 million in 2023-24.
The IGC blamed “worsening South American prospects,” with expected Argentina corn output cut by 1 million tonnes from January to 53 million, and projected Brazilian production lowered to 123.3 million tonnes from 124.6 million. In its February world supply-demand update, the USDA estimated lowered its estimates of the Argentina and Brazil crops by 1 million tonnes each from January to 50 million and 126 million, respectively.
For soybeans, the IGC reduced its production estimates for both Argentina and Paraguay, which both suffered by hot, dry conditions through much of January and early February.
For wheat, the IGC raised its global production estimate by 1 million tonnes from last month to 797 million, up 2 million from a year earlier. Much of the month-over-month increase was due to a larger crop in Kazakhstan, now estimated at 18.6 million tonnes – an increase of 600,000 from last month.
World wheat ending stocks are estimated at 264 million tonnes this month, down 1 million from January and 9 million below 2023-24. At 275 million tonnes, estimated global corn stocks are up 3 million from January but a hefty 21 million below a year earlier. Soybean ending stocks were reduced 2 million tonnes from last month to 82 million, although that remains 8 million higher than 2023-24.
