IGC corrects harvest 2023/24 and estimates harvest 2024/25

IGC corrects world grain harvest 2023/24 - forecast 2024/25 The International Grain Council (IGC) updated the global supply situation on the grain market for 2023/24 in its latest March issue. Production was cut by 6 million t compared to the previous month and consumption was reduced by 11 million t. Based on the documents, the final inventory is higher at 599 million t or almost 26% of consumption. In the previous year 2022/23, the supply tended to be slightly better at 26.5%. In the case of the wheat market , the IGC only slightly corrects its previous month's figures. For now, the already limited supply in this grain sector remains. In the corn sector , the IGC has made significant cuts, which are linked to the reduced South American corn harvests. Production will be 7 million tonnes lower and consumption will be reduced by 10 million tonnes. This results in a tendency for excess stocks to increase in the coming marketing year.In a first preliminary estimate for 2024/25, the IGC predicts a manageable change compared to the current year. Production is increased to 2,332 million t and consumption is estimated at 2,331 million t. This results in only an insignificant improvement in the supply situation in the entire grain sector. In the wheat sector , with production and use estimated to be 10 million higher, stocks will continue to be reduced to a small extent. The corn balance is improving with slightly increasing reserve quantities. The early IGC estimate can be understood as an initial orientation of the expected development.

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