London | Reuters — The International Grains Council (IGC) said on Thursday it has trimmed its forecast for 2024/25 global wheat production driven partly by a diminished outlook for the European Union.
The inter-governmental body, in its monthly update, cut its 2024/25 wheat crop outlook by 2 million metric tons to 796 million tons.
EU wheat production was revised down to 120.3 million tons, down from a previous forecast of 121.8 million and sharply below the prior season’s 133.1 million.
The EU harvest has been hit in particular by the smallest crop in France in 40 years, as well as a sharp fall in German production as the bloc’s two biggest wheat growers endured repeated heavy rain in the past year.
Read Also
U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
The IGC also raised marginally its 2024/25 world corn crop outlook by 1 million tons to 1.225 billion tons.
African corn production was seen at 91 million, up from a previous forecast of 86.8 million but still below the prior season’s 93.8 million.
The impact was partially offset by a slight cut in the U.S. corn crop forecast to 384.6 million tons from 386.2 million.
Global soybean production in 2024/25 was cut by 2 million tons to 419 million, largely reflecting a reduced U.S. crop estimate, although it remained well above the prior season’s 396 million.
— Reporting by Nigel Hunt
