Record production: IGC predicts record harvests of grains and sunflower in 2023/24 season

Global production of grains and sunflower promises to set a new record in the 2023/24 season, according to the International Grain Council (IGC). According to their forecast, this will be the largest grain production (including wheat and feed grains) in history.

Experts have identified positive trends in increasing corn production in China, Russia and Ukraine, while in Brazil it is expected to decline. The IGC raised its corn production forecast by 7 million tons compared to the previous month to a total of 1.230 billion tons.

For wheat, a slight 2% year-on-year decline is forecast, although the data was revised upward from the previous month. Overall grain production, although expected to be higher than last year, will be accompanied by rising consumption, which will again lead to a reduction in global carryover stocks.

Separately, global sunflower production is forecast to reach a record high in 2023/24. This large increase is due, in particular, to extremely high harvests in Ukraine and Russia, which account for more than half of global production.