LONDON, ENGLAND — World total grains (wheat and coarse grains) production in the 2023-24 marketing year is forecast to edge 2% higher year-on-year to a record 2.297 billion tonnes, according to the International Grains Council’s (IGC) monthly Grain Market Report released on July 20.

Upgraded figures for corn and sorghum, tied primarily to larger US acreage, were the primary drivers in the upward revision, the IGC said.

The IGC sees global corn production up 9 million tonnes from last month’s projection and 64 million tonnes from the previous year, reaching 1.22 billion tonnes in the current marketing year (July-June).

“Consumption is also seen at a record level, up 2% overall, with gains in feed, food and industrial uses,” the IGC noted. “Carryovers are forecast to tighten for the seventh consecutive year, seen 2% lower year-on-year, at 581 million tonnes, mainly on smaller wheat inventories, but with barley stocks also seen slipping to a near three-decade low.”

Wheat production is projected to fall by 19 million tonnes year-on-year, while barley is seen declining by 9 million tonnes, the IGC said.

The Council’s expectations for soybean output in 2023-24 are trimmed by 2 million tonnes from the previous year, chiefly on a downgraded figure for the United States, feeding through to marginally lower outlooks for consumption and stocks, albeit with both set to significantly rise year-on-year.

Reflecting expected larger crops in India, Thailand and the United States, global rice production is forecast at a record 527 million tonnes by the IGC, up 2% from 2022-23.

The IGC’s Grains and Oilseeds Index rose for the second consecutive month, increasing by 4%, “buoyed by some spells of difficult cropping weather and background unease about ongoing events in the Black Sea region.”