The International Grains Council (IGC) has trimmed its 2024-25 world wheat and corn production forecasts from last month, with the downgrades due in part to smaller crops in the European Union.
In its monthly Grain Market Report released Thursday, the IGC pegged global wheat output at 798 million tonnes, down 1 million from its August estimate although still 3 million above the previous year. Meanwhile, global corn production was dropped 2 million tonnes from last month to 1.224 billion, versus the 2023-24 estimate of 1.227 billion.
The IGC is now projecting 2024-25 EU wheat crop at 122.4 million tonnes, down from 124.8 million in August and sharply below the previous year’s 133.1 million. Production in the EU’s largest wheat producer, France, was battered by excessive rain, with the country’s crop down more than 25%.
On the other hand, the IGC revised Australia wheat production higher, up 1.7 million tonnes from last month to 31.8 million.
For corn, the IGC cut its estimate of the EU crop to 59.8 million tonnes from 61.4 million, while the US crop was revised up 1 million tonnes to 385.7 million.
Amid offsetting changes, total projected global grains production in 2024-25 (wheat and coarse grains) is unchanged this month at 2.315 billion tonnes, up from 2.304 billion a year earlier. At 581 million tonnes, total grains ending stocks are also steady from August but down 10 million on the year.
Estimated world soybean production and ending stocks for 2024-25 are both unchanged from last month at 419 million and 82 million tonnes, respectively. That is up from 393 million and 69 million the previous year.
