IGC cuts global wheat crop outlook on poor French harvest
The International Grains Council (IGC) lowered its 2024/25 global wheat production forecast to 799 million metric tons, mainly due to a significant drop in France’s wheat output, now estimated at 27.5 million tons. This decrease was partially offset by an increase in Ukraine’s wheat production forecast. The IGC also raised its global corn production outlook to 1.226 billion tons, with the U.S. leading the increase. Global soybean production was projected at a record 419 million tons.
LONDON, Aug 15 (Reuters) -The International Grains Council (IGC) has trimmed its forecast for 2024/25 global wheat production driven largely by a downward revision for France which has just endured one of the worst wheat harvests in decades.
The inter-governmental body, in its monthly update on Thursday, forecast global wheat output at 799 million metric tons, down from a previous projection of 801 million although still above the prior season’s 794 million.
France’s wheat crop was put at 27.5 million tons, down from 31.0 million seen previously and sharply below the prior season’s 36.3 million.
The impact was partially offset by an upward revision for Ukraine’s wheat crop to 25.4 million tons from 23.4 million although it remains down on the prior season’s 28.4 million.
The IGC also marginally increased its 2024/25 world corn crop outlook by 1 million tons to 1.226 billion tons.
The United States, the world’s top producer, was seen harvesting 384.7 million tons, up from 379.2 million previously projected, although smaller crops were expected in Romania (8.5 million versus a prior forecast of 10.9 million) and Russia (13.7 million versus 15.0 million).
Global soybean production raised to 419 million tons, up from a previous forecast of 415 million and sharply above the prior season’s 392 million.
“A record global (soybean) outturn is expected in 2024/25, with sizeable crops likely in all leading producers,” the IGC said in a report.
Source Link : https://www.xm.com/research/markets/allNews/reuters/igc-cuts-global-wheat-crop-outlook-on-poor-french-harvest-53906590
Recommended for you
