The International Grains Council (IGC) has increased its forecast for global wheat flour trade in 2023-24 by 400,000 tonnes to 14.5 million tons, mainly due to improved export prospects for Russia and Turkey. Despite the increase, this would still be below the five-year average of 14.9 million tonnes and well below the record total of 17.6 million in 2016-17. The IGC also predicts increased regional trade in South America, with Argentina's grain and flour shipments expected to recover, and imports from Sub-Saharan Africa are expected to increase, particularly in Sudan and Somalia.
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Mainly because of improving export prospects for Russia and Turkey, the International Grains Council (IGC) has revised its quarterly forecast for global wheat flour trade 2023-24 by 400,000 tonnes more to 14.5 million tons, according to a report released on October 19. The revised forecast would mean trade volume was slightly higher than the previous year, but would still be below the five-year average of 14.9 million tonnes and well below the record total of 17.6 million in 2016-17. The IGC said the projected annual increase stems in part from faster regional trade in South America, estimated at 1.1 million tonnes, an increase of 200,000 tonnes from the previous year. “Argentina’s grain and flour shipments to neighboring countries are expected to recover due to a potentially larger domestic harvest,” the IGC said. Imports from Sub-Saharan Africa are also expected to increase by 200,000 tonnes to 2 million tonnes, with an increase in shipments received in Sudan and Somalia, “as ...
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