IGC lowers forecast for world corn crop

A higher crop estimate for Ukrainian corn largely compensates for the US's smaller crop estimate in the latest IGC Monthly Bulletin. Today's experts are only lowering their corn forecast for 2018/19 by 1 million tonnes.
The non-governmental organization today estimates world corn production at 1,073 billion tonnes.
The International Grains Council (IGC) estimates the US corn crop today at 371.5 million tonnes, after 375.4 million tonnes in October. The Ukrainian corn crop is now estimated at 33.5 million tons after 30 million tons previously.
The IGC estimate for wheat harvest 2018/19 remains unchanged at 729 million tonnes.
In addition, a first estimate of the wheat acreage 2019/20 was released today. According to it, there should be an expansion of cultivation by 1% to 220 million hectares. That would be the first expansion of the area in four years. Even if the EU, Russia, the US and India are forecast to increase their area, there are still uncertainties about how the weather conditions will be at the end of the sowing.
In general, the market had expected a smaller crop estimate for corn and wheat. However, today's estimate is still at a four-year low.
Global soybean production in 2018/19 is seen by the IGC at 367 million tonnes. The estimate in October was 369 million tons. In the 2017/18 season, 340 million tons of soybeans were harvested worldwide.

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