# IGC raises forecast for 2023/24 world corn crop

> The IGC raised its 2023/24 global corn crop forecast by 9 million tonnes to 1.217 billion tonnes. The increase mainly reflects better production prospects in Brazil and China.

- Date: 2023-05-18 · published 2023-05-18T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7840-igc-raises-forecast-for-2023-24-world-corn-crop
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A larger world corn crop adds to global supply and weighs on export prices, especially with Brazil expanding output. Feed buyers should expect continued pressure on corn prices.

## Read by commodity

- CORN: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-03-12 | [COCEREAL revises 2021 EU crop forecast lower  \| World Grain](https://feedsoft.ai/events/48084-cocereal-revises-2021-eu-crop-forecast-lower-world-grain.md) | -0.3% | +0.5% |
| WHEAT | 2018-09-19 | [COCERAL revises E.U. crop forecast downward \| 2018-09-19  \| World Grain](https://feedsoft.ai/events/62960-coceral-revises-e-u-crop-forecast-downward-2018-09-19-world-grain.md) | +0.7% | +8.5% |
| WHEAT | 2018-10-10 | [Brazil corn production forecast higher \| 2018-10-10  \| World Grain](https://feedsoft.ai/events/62372-brazil-corn-production-forecast-higher-2018-10-10-world-grain.md) | +8.2% | +4.5% |
| WHEAT | 2025-04-29 | [Australia’s grain crops forecast upbeat \| World Grain](https://feedsoft.ai/events/25088-australia-s-grain-crops-forecast-upbeat-world-grain.md) | +2.1% | -2.8% |
| WHEAT | 2021-01-27 | [Smaller wheat and oat crops forecast for Canada \| 2021-01-27  \| World Grain](https://feedsoft.ai/events/49209-smaller-wheat-and-oat-crops-forecast-for-canada-2021-01-27-world-grain.md) | -10.0% | -0.5% |
| CORN | 2024-08-22 | [Record US soybean crop forecast in 2024 \| World Grain](https://feedsoft.ai/events/28788-record-us-soybean-crop-forecast-in-2024-world-grain.md) | -2.2% | +6.2% |
| CORN | 2021-11-09 | [France raises crop forecasts for wheat, maize and](https://feedsoft.ai/events/43990-france-raises-crop-forecasts-for-wheat-maize-and.md) | +1.2% | +5.2% |
| CORN | 2025-02-13 | [Brazil’s Conab Raises Grain Output Forecast on Bigger Corn Crop](https://feedsoft.ai/events/13512-brazil-s-conab-raises-grain-output-forecast-on-bigger-corn-crop.md) | +1.7% | -6.8% |

## Sources

- reuters.com: https://www.reuters.com/article/business/igc-raises-forecast-for-202324-world-corn-crop-idUSL1N37F15Q/
- tridge.com: https://www.tridge.com/news/igc-raises-forecast-for-202324-world-corn-crop-2

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.