The International Grains Council has raised its forecast for global wheat production in the 2023-24 season with upward revisions for Ukraine, Russia and the United States outweighing a deteriorating outlook for the crop in Australia.
The inter-governmental body’s monthly update put the global wheat crop at 785 million tonnes, up from a previous forecast of 783 million, but still well below the prior season’s record of 803 million.
The IGC estimated Ukraine’s wheat production at 27.4 million tonnes versus 25.9 million seen previously, while exports were upwardly revised to 12.5 million tonnes from 12 million.
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Exports were still seen below the prior season’s 17.1 million tonnes following the expiry in July of a United Nations-backed deal that allowed exports through a Black Sea safe corridor.
Russia’s wheat crop was seen at 89 million tonnes, up from a previous forecast of 87.4 million, with wheat exports upwardly revised to 49 million tonnes from 48.5 million a month ago.
The other major crop revisions were for the United States (49.3 million tonnes vs 47.2 million) and Australia (24.4 million vs 25.4 million).
The IGC also cut its forecast for 2023-24 global corn production by three million tonnes to 1.219 billion, driven by downward revisions for the United States (382.7 million vs 384.4 million) and Brazil (127.2 million vs 130.2 million).
