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.