Foreign media news on April 20: The International Grains Council (IGC), a London-based intergovernmental organization, released a report on Thursday and raised its forecast for global corn production in 2023/24, mainly because of improved crop prospects in the United States.

The IGC on Thursday estimated global corn production in 2023/24 at 1.208 billion tons, an increase of 6 million tons from the previous forecast and an increase of 58 million tons or 5.0 percentage points from the previous year's 1.150 billion tons.

The U.S. corn production, which has just started planting, is expected to reach 381.8 million tons, higher than the previous forecast of 377.7 million and 33 million tons or 9.5% higher than the previous year's 348.8 million. That means the U.S. could regain its crown as the world's top corn exporter.

The IGC expects U.S. corn exports to reach 55.9 million tons in 2023/24, up from 47 million tons in the previous year; while Brazil's exports in 2023/24 are estimated at 47.4 million tons, unchanged from the previous year.

As far as the Black Sea region is concerned, IGC forecasts that Ukraine’s corn production will be 21 million tons, unchanged from the previous forecast, 6 million tons or 22.2% lower than the 27 million tons in 2022/23; Ukrainian corn exports are expected to fall to 15 million tons, compared with The previous year's 24 million tons decreased by 9 million tons or 37.5%.

Global wheat production is expected to decrease by 2% year-on-year

The IGC this month maintained its 2023/24 global wheat production forecast unchanged at 787 million tons, down 2 percentage points from the previous year's 803 million tons. Russia's wheat production forecast is raised 800,000 tons to 83.6 million tons from last month's forecast of 82.8 million tons; EU wheat production is also raised to 137.8 million tons from last month's forecast of 136.6 million tons. But the U.S. wheat production forecast was lowered to 49.4 million tons from 51.4 million tons.

Ending stocks will also fall to 277 million tons, down from 284 million tons a year earlier, as global wheat production is expected to be lower year-on-year.

Total global cereal (wheat, corn, and rice) stocks for 2023/24 are estimated at 581 million tons, down from 584 million tons the previous year and likely the lowest since 2014/15, mainly due to tightening wheat stocks

Global Soybean Production and Stocks Expected to Increase

The global soybean production in 2024/24 is raised to 401 million tons, which is higher than the previous forecast of 399 million tons and 31 million tons or 8.4 percentage points higher than the previous year's 370 million tons.

Global soybean ending stocks will also increase to 60 million tons, higher than last month's forecast of 56 million tons and higher than last year's 49 million tons.