IGC Prediction Calls for Lower Global Corn and Wheat Production

The International Grains Council is forecasting global wheat production will drop by one million tons in the 2022-2023 season. The crop is estimated to be 780 million tons, due in large part to a smaller crop in Ukraine, which will be 19.4 million tons compared to 33 million last year. The drop will be mostly offset by larger crops in other countries, including Russia and Canada.

In addition, the Council is forecasting global corn production will drop by 13 million tons in the season a head. The 2022-2023 corn crop is predicted to total 1.197 billion tons because of smaller crops in Ukraine and the United States. IGC said the War in Ukraine makes its current forecast “especially tentative.”

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