LONDON, ENGLAND — With the 2022-23 marketing year ending on June 30, the International Grains Council (IGC) is projecting a 1.5% decline in total grains (wheat and corn) production from the previous year, mainly due to much smaller global corn output.

In its monthly Grain Market Report, released June 29, the IGC said it expects this year’s corn production to decline by nearly 6% to 1.156 billion tonnes. Meanwhile, the IGC sees 2022-23 wheat output rising to 803 million tonnes, an increase of 23 million tonnes over 2021-22.

The IGC noted that although total grains consumption is projected to fall by 29 million tonnes, carryover stocks are expected to decline to a nine-year low at 592 million tonnes.

Soybean production for the soon-to-end marketing year is pegged at 369 million tonnes, up from 357 million in 2021-22, but output in 2023-24 is expected to rise sharply to 402 million tonnes.

Reflecting the recent increase in dry weather, including parts of the US Corn Belt, the IGC lowered its total grains production forecast for the upcoming marketing year (2023-24) by 2 million tonnes, to 2.292 billion tonnes.

The IGC Grains and Oilseeds Index increased by 1% from the previous month, boosted entirely by increases in soybean and rice prices.