Tidbits, Pre-Hedging, IGC’s Outlook, Precipitation, Export Sales 9/20/24

Highlights

The International Grains Council (IGC) predicts record large global grain production and record large global consumption for the 2024-25 marketing year. More importantly, world carryovers (aka ending stocks) are projected at a 10-year low.

IGC’s report on Wednesday listed total grains (wheat and coarse grains) output at 2.315 billion mts and consumption at 2.325 billion mts with the carryover down to 581 million mts, the lowest since 2014-15.

The records are forecast despite the IGC predicting slight declines in corn production to 1.224 billion mts and wheat production to 798 million mts.

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