The International Grains Council on Thursday raised its forecast for world corn (maize) production in the 2018/19 season by 10 million tonnes to 1.074 billion tonnes, driven by improved crop outlooks in the United States, the European Union and Ukraine. The inter-governmental body, in a monthly update, raised its forecast for the US corn crop to 376.6 million tonnes, up from a previous forecast of 370.5 million and now above the prior season's 371.0 million.
Earlier this month, the US Department of Agriculture raised its forecast for the US corn crop with record yields seen in key production states such as Illinois, Iowa, Nebraska and Indiana. The IGC increased its forecast for the EU's corn crop to 63.1 million tonnes from a previous projection of 60.4 million largely reflecting an upward revision for Romania.
Ukraine's corn crop was seen at 30 million tonnes, up from a previous forecast of 28.8 million. The IGC increased its forecast for world wheat production in 2018/19 by 1 million tonnes to 717 million tonnes, with an upward revision for Russia largely offset by a lower projection for Australia.
The council also said an early assessment of wheat planting prospects for the 2019/20 season pointed to the first area gain in four seasons encouraged by the potential for better returns although additional rains would be beneficial in some regions.
World soybean production in 2018/19 was seen at 370 million tonnes, up from a previous forecast of 366 million and the prior season's 339 million. "Brazil and the US are likely to thresh record crops, and with output in Argentina expected to rebound, global production could expand nine percent, year-on-year," the IGC said.