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IGC anticipates reduction in global corn output

The International Grains Council expects global corn output to decline while demand inches higher.

In its first outlook for 2017 and 2018, the intergovernmental group forecasts production around the world to drop 26 million tons from the previous marketing period to slightly more than one billion—still the second highest total on record.

The report cites fewer planted corn acres in the U.S., South America, and China more than offsetting increases in the European Union and areas of the former Soviet Union.

IGC says the U.S. is likely to see additional soybean acres in 2017 because of potentially better profits, with a reduction in corn sowings of between three and four percent.

The fall in output should be met by rising demand, although the Council describes consumption as edging upwards as opposed to strong growth.