IGC 2023/24 Grain Trade Forecast

Grain

After expected record wheat exports in 2022/23 (Jul/Jun) of 199.1 Mt, the International Grains Council (IGC) expects trade to contract to 194.9 Mt in 2023/24. Reduced supplies are expected from Australia, while Ukraine is projected to reach a decade low of 11.0 Mt.

In contrast, the IGC expects global corn trade to reach 173.2 Mt in 2022/23 (Jul/Jun), after two years of contraction, with a rebound in US exports by 8.9 Mt to 55.9 Mt. Meanwhile, shipments from Brazil are expected to remain strong and supported by increased Chinese demand.

Similarly, soyabean trade is expected to lift to a new high of 173.3 Mt in 2022/23 (Oct/Sep), driven by import demand in Asia. The US is forecast to have a slight uplift in shipments to 55.2 Mt, while growth is underpinned by Brazil increasing 5.0 Mt to 97.0 Mt.