Global: According to the FAO forecast, the volume of cereal production in 2024 will amount to 2848 million tons

Published 2024년 11월 11일

Tridge summary

The 2024 global cereal production is forecasted to slightly decrease by 0.4% from the previous year, reaching 2,848 million tonnes, largely due to lower maize yields caused by unfavorable weather conditions. Despite this, wheat production is expected to be the second-highest on record, and rice plantings are set to reach a record high in 2024/25, potentially leading to a record global rice production. However, winter wheat planting for the 2025 campaign is facing challenges such as falling prices and adverse weather conditions in various regions, including the United States, European Union, Russia, Ukraine, and South America. Utilization of world cereals is projected to increase by 0.5% in 2024/25, driven by a rise in food use, particularly rice and wheat. Despite the slight decrease in the world cereal stocks-to-use ratio, overall world cereal stocks are anticipated to increase by 0.6% from their opening levels, with the largest increases seen in rice and coarse grains.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Lower maize yields contribute to slight decline in global cereal production in 2024 FAO forecasts cereal production in 2024 at 2 848 million tonnes, down slightly (0.4 percent) from last year but still only marginally below the record. Wheat production in 2024 is expected to be the second-highest on record. The main factors behind the increase were: higher production in Asia, mainly due to expanded area; favourable weather conditions, which also contributed to good harvests; this more than offset significant production declines in major producing countries in Europe. After a record high in 2023, coarse grain production is expected to decline to its second-highest level in 2024. Most of the year-on-year decline in production is due to a significant decline in global maize production, mainly due to unfavourable weather conditions. Rice is expected to see a record expansion in plantings in 2024/25 as the prospect of higher profits encourages producers to expand rice area. As a ...

Source: Oilworld