The IGCAnalysts in September raised their forecast for global corn production in 2022/23 to 1,167 billion Tonnen reduced, compared to 1,178 billion tons according to the previous estimate, which is also significantly lower than the harvest result for the 2021/22 season (1,218 billion tons).
In particular, the experts carried out a downward correction of the grain harvest in the EU to 56,2 (59,6; 70,3) million tonnes and in the USA to 354,2 (364,7; 383,9) million tons. At the same time, the forecast for Ukraine was increased to 29,9 (27,7; 42,1) million tons.
The forecast for the worldwide export of Corn in 2022/23, analysts reduced by 1 million tons to 172,3 million tons, which is also inferior to the previous year's result (179,2 million tons). In particular, the estimate for the USA reduced to 57,8 (60,3; 62,9) million tonnes, but increased to 17 (15,5; 23,5) million tonnes for Ukraine.
The IGC analysts have lowered the forecast for global corn stocks in the new season to 262,1 (264,7; 284,7) million tonnes by forecasting the USA to 31 (34,3; 38,7) million tonnes and Brazil to 7,5 (7,6; 6,1) million tonnes. The inventory forecast for Ukraine was raised to 8,9 (8,4; 6,9) million tonnes.