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IGC has lowered its forecast for corn production, creating the lowest reserves level in the past 10 years.
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IGC has lowered its forecast for corn production, creating the lowest reserves level in the past 10 years.

The International Grains Council (IGC) has revised down its forecast for global corn production by 7 million tonnes to 1.218 billion tonnes, below consumption levels in 2023/24. Consumption has risen to 1.239 billion tonnes.

The forecast for global corn exports in 2024/25 has increased to 181.6 million tonnes, with the largest growth expected in the US and Ukraine.

18 January 2025 18 January 2025

The International Grains Council (IGC) has reduced the forecast for global corn production by 7 million tons compared to the previous forecast in November, reaching 1.218 billion tons, which is also 12 million tons lower than production in 2023/24.

The forecast reduction notably affected the United States, which is projected at 377.6 (384.6; 389.7) million tons, and China, which decreased to 294.9 (296; 288.8) million tons. However, the production forecast for the European Union has increased to 60 (58.1; 61) million tons, while grain imports have decreased to 20.2 (20.7; 21) million tons.

The forecast for corn consumption has increased by 4 million tons per month to 1.239 billion tons (+13 million tons compared to 2023/24).

The world corn export forecast for 2024/25 has been raised to 181.6 million tons, exceeding the 180.7 million tons forecasted in November (198.8 million tons in 2023/24). The most significant growth in corn exporters is expected from the United States, to 62.2 (60; 58.2) million tons, and Ukraine, to 22.2 (21.6; 29.4) million tons, although the forecast for Brazil has decreased by 2 million tons to 40 million tons (37 million tons in the previous period).

The forecast for ending stocks has changed from 275.2 million tons to 271.9 million tons in a month (292.2 million tons in 2023/24), marking the lowest level in the last 10 years.

 

 

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