On October 19th, foreign media reported that the International Grain Council (IGC) released its monthly report on Thursday. The report stated that the global corn production forecast for 2023/24 production season has been lowered due to lower yields in the United States and Brazil.

IGC predicts that global corn production for 2023/24 production season will be 1,219 million tons, a decrease of 3 million tons from earlier expectations.

IGC predicts that the US corn production for 2023/24 production season will be 382.7 million tons, which is lower than the previously expected 384.4 million tons. Similarly, Brazil's corn production has also been reduced to 127.2 million tons, down from the previously expected 130.2 million tons.

However, China's corn production has increased to 280.6 million tons, which is higher than the previous forecast of 277.4 million tons.