IGC expects record global grain, soybean production in 2024
The International Grains Council’s (IGC) initial forecast for 2024-25 projects global grain production rising to 2.332 billion MT, up 28 MMT from last year. The increase was fueled by an expected 11-MMT jump in global wheat production to 799 MMT and a 6 MMT rise in the global corn crop to 1.233 billion MT.
IGC expects 2024-25 global soybean production to surge 23 MMT to a record 413 MMT.
Despite the bigger production projection, global wheat ending stocks are expected to decline 3 MMT to 262 MMT in 2024-25. Global corn and soybean ending stocks in 2024-25 are projected to increase 11 MMT and 10 MMT, respectively, with carryover pegged at 297 MMT for corn and 75 MMT for soybeans.
