As for wheat and corn, the IGC left its 2024-25 world production estimates steady from last month but ending stocks have been revised lower and higher, respectively.
Global wheat output holds at 798 million tonnes – up 3 million from a year ago – as reductions for Australia and Argentina are offset by a larger crop in Kazakhstan. But amid other changes in trade and expected consumption, world wheat ending stocks are down 1 million tonnes from last month to 266 million, 6 million below the previous year.
Corn production, at 1.224 billion tonnes, is also unchanged from September but down from 1.229 billion in 2023-24. Projected corn ending stocks, at 279 million tonnes, are up 3 million from last month. That is still well down 286 million a year earlier and the lowest since at least 2021-22.
World total grains (wheat and coarse grains) ending stocks for 2024-25 are estimated at 584 million tonnes this month, up 3 million from September but still down 12 million on the year.
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