IGC increases harvest forecasts

The IGC (International Grains Council) has increased its forecast of global corn production in the 2018/19 season by 10 million tons to 1.074 billion tons. The reason for this was the good harvest prospects in the United States, the EU and Ukraine.
In the monthly update, the IGC increased the forecast for the US corn crop to 376.6 million tonnes. The harvest would be larger than in the previous season (371 million tons). In the previous month, a result of 370.5 million tons was expected.
The US Department of Agriculture raised US corn forecast this month on record revenues in key manufacturing regions in the states of Illinois, Iowa, Nebraska and Indiana.
The forecast for the EU corn crop increased the IGC to 63.1 million tonnes from 60.4 million tonnes previously. This was mainly due to the larger Romanian corn crop.
For Ukraine, the forecast was increased to 30 million tons (previously: 28.8 million tons).
The estimate of global wheat production was increased by 1 million tons to 717 million tons.Whilst an upward correction in the Russian wheat crop is largely offset by a downward correction of the weak wheat harvest in Australia.
The forecast for global soybean production has also risen from 366 million tonnes to 370 million tonnes (previous season: 339 million tonnes).

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