Mumbai, 11 Jan (Commoditiescontrol):The International Grains Council (IGC) updated its global corn production forecast for the 2023/24 period on Thursday, marking a notable increase primarily due to higher production estimates in China.
In its latest monthly report, the IGC raised the global corn production forecast by 7 million metric tons, bringing the total to 1.230 billion tons. This revision reflects an increase in China’s corn production estimate from 280.6 million tons to 288.8 million tons. Additionally, the forecasts for Russia and Ukraine were revised upward to 17 million and 30 million tons, respectively.
However, these increases were partially offset by a decrease in Brazil's corn crop forecast, which was lowered from 124 million tons to 119.7 million tons.
Alongside corn, the IGC also revised its world wheat crop forecast for 2023/24, increasing it by 1 million tons to a total of 788 million tons.
These adjustments by the IGC reflect the dynamic nature of global agricultural production and have potential implications for international grain markets.
(By Commoditiescontrol Bureau; +91-9820130172)
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