IGC lowered its forecasts for soybeans and corn, but raised slightly for wheat

The International Grains Council (IGC) cut its forecast for world corn production this year, mainly due to drought in the European Union. IGC reduced the forecast of world corn production by 1 million tons to 1.189 billion tons, which is 31 million tons (2.5%) less than last year. (1.186 billion tons July USDA forecast).

The IGC raised its forecast for world wheat production in 2022 by 1 million tons to 770 million tons, which is 11 million tons (1.4%) less than last year (USDA’s 771.64 million tons), mainly due to an increase in the Russian crop forecast.

The IGC lowered its forecast for global soybean production for this year by 4 million tons to 386 million tons, mainly due to a lower outlook for the U.S. crop amid shrinking acreage. World soybean production in 2022-2023 is expected to increase by 35 million tons (10%) compared to last year (391.4 million tons USDA).

The Sovekon company increased the forecast of the wheat harvest in the Russian Federation in 2022 from 89.2 million tons to 90.9 million tons against the background of high winter wheat yields in the Rostov region (wheat producer No. 1) and Krasnodar Krai (wheat producer No. 2), as well as an increase in the spring wheat yield forecast against the background of a revision of estimates for the Volga Valley and the Urals.

According to the assessment of the Ministry of Agriculture of Russia, the grain harvest in Russia in 2022 may amount to 130 million tons, including 87 million tons of wheat.