IGC Raises Global Crop Projections With Possibility of Second Largest Wheat Harvest on Record

In its latest update, the International Grains Council (IGC) raised its projections for wheat, corn, and soybean production for the 2023/24 season, with better-than-expected corn yields in the U.S. and larger wheat crops in Ukraine.

Total global wheat output is now expected to be 787 million tons - up 2 million tons from the IGC’s October estimate. However, although this is still below the 804 million tons seen in 2022/23, if realized, it would be the second largest global wheat harvest on record.

Production estimates were raised slightly for both Russia and Ukraine as wheat forecasts for the EU were raised by 800,000 tons to 133.2 million tons, and estimates for Argentina were reduced by 900,000 tons to 14.7 million tons. In the end, worldwide wheat ending stocks are forecast to be 264 million tons - up 1 million tons from IGC’s October estimate.

Global corn output estimates were raised to 1.223 billion tons - slightly above IGC’s October forecast of 1.219 billion tons - with carryout estimated at 285 million tons, which is up 2 million from October’s forecast.

Global soybean production is forecast to be up by 7 percent, to hit a record 395 million tons - up 2 million tons from the October estimate, with ending stocks at 62 million tons - up 8 million tons year-on-year.

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