The International Grains Council on Thursday raised its forecast for world corn (maize) production in the 2018/19 season largely driven by an improved crop outlook in the United States. The inter-governmental body, in a monthly update, put world corn production in 2018/19 at 1.064 billion tonnes, up 12 million from its previous projection.
The IGC saw the US corn crop in 2018/19 at 370.5 million tonnes, well above its previous forecast of 359 million and now almost on a par with last season's 371 million. The annual Pro Farmer Midwest Crop Tour this week has projected above average corn yields in several states including Illinois, Nebraska, South Dakota, Indiana and Ohio.
A drawdown in global corn stocks, however, is still seen with global consumption upwardly revised to 1.105 billion tonnes, up from a previous forecast of 1.098 billion. The IGC also reduced its forecast for world wheat production in 2018/19 by 5 million tonnes to 716 million tonnes while consumption was also cut by 5 million tonnes to 734 million.
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