By Maytaal Angel

LONDON, May 19 (Reuters)The International Grains Council on Thursday cut its 2022/23 forecast for world corn (maize) production by 13 million tonnes to 1.184 billion, reflecting a downward revision to the crop in the United States, the world’s top corn producer.

In a monthly update, the inter-governmental body lowered its forecast for the corn crop in the United States – where excessive rains have slowed planting – by 9.3 million tonnes to 367.3 million.

It kept its forecast for the 2022/23 corn crop in Ukraine – the world’s fourth-largest exporter of the grain – at 18.6 million tonnes, less than half its 42.1 million tonne forecast for this season.

A sharp decline in the area sown for spring crops like corn in Ukraine had been widely expected this season following Russia’s invasion.

The IGC cut its 2022/23 wheat production forecast by 11 million tonnes to 769 million, reflecting a lower forecast in the United States (46.8 million versus 49.9 million) and India (105 million versus 111.3 million).

For Russia, the world’s largest wheat exporter, the IGC lifted its 2022/23 wheat crop forecast to 84.7 million tonnes from 82.5 million.

The IGC kept its forecast for next season’s wheat crop in Ukraine – the world’s 6th largest exporter of the grain – at 19.4 million tonnes, about 40% lower than the 33 million tonne forecast for this season.

(Reporting by Maytaal Angel; Editing by Edmund Blair and Bernadette Baum)

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Source: Nasdaq


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