International Grains Council Forecasts A 6% Increase In Corn Output

1. International Grains Council Forecasts A 6% Increase In Corn Output The International Grains Council (IGC) predicts that global corn production will rise by nearly 6% year on year in its latest Grain Market Report. Tradologie.com is a next-generation, globally verified, transaction-oriented SaaS platform for B2B commoditiy sales and procurement that connects bulk buyers and bulk sellers of commodities, primarily of branded food and agro-commodities and facilitates operations for them. Agro-commodity producers and agro-commodity sellers can easily get the best price on the platform if they sell agricultural products in bulk while buyers can buy agricultural products in bulk from vendors across the globe. There are no middlemen involved, and the company facilitates the entire process, which guarantees maximum profits in the shortest time-frame. Global Agricultural Output The entire grains production (wheat and coarse grains) in 2023–2024 "is set to be the largest on record (2.307 billion tonnes), with the 2% year-on-year increase tied mainly to a solid rebound in corn production," according to the report, which was released on January 11. The IGC raised its estimate for corn production by 7 MMT from the previous month; production in 2023–24 is now expected to be 1.230 billion tonnes, up from 1.165 billion tonnes the previous year. The IGC stated that although output was revised higher by 1 MMT month over month, wheat production is expected to fall by 2% (16 MMT) on an annual basis.

2. Agricultural Stock Predictions Although the world's total grain production is expected to increase annually, consumption is also expected to rise, which will further reduce the world's carryover stocks. The consumption estimate was increased by 6 MMT to 2.314 billion tonnes, or almost 2% more than in 2022–2023. Monthly revisions to carryover stocks showed a 5 MMT increase; however, the total grains carryover for the 2023–24 marketing year is predicted to decline for the seventh consecutive year to 590 MMT, from the highest point of 658 MMT in 2016–17. Reasons For Outlook According to the IGC, global soybean production in 2023–24 is expected to be 3 MMT lower month over month due to a downgraded outlook in Brazil outweighing increases elsewhere. However, at 392 MMT, output would be 6% higher than the previous year. The world rice output for 2023–24 is predicted to be 10 MMT lower month over month as a result of leading Asian producers lowering their expectations. The net decrease in availability is attributed to lower consumption and stock levels. The IGC Grains and Oilseeds Price Index decreased by 6% from the previous month due to decreases in every type of grain and oilseed, with the exception of rice, which saw an increase of approximately 8%. The index is currently 19% lower year over year at 247, which is indicative of a sharp drop in the price of corn, wheat, and soybeans. If you are an agricultural products importer wishing to import agricultural products in bulk or an agricultural products exporter willing to export bulk agricultural products, then Tradologie.com is the right platform for you. Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates. The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.