Despite improved wheat and rice crop prospects, global cereal production in 2024 will be slightly below 2023 levels

This month, FAO slightly raised its latest forecast for world cereal production in 2024, now at 2 853 million tonnes. The revision reflects higher rice and wheat output, which outweighed a modest decline in global coarse grains production. Despite the latest changes, however, global cereal production in 2024 is still forecast to be slightly below its 2023 level. World wheat production in 2024 is forecast at 792.9 million tonnes, up 0.2 percent from the previous month and up 0.5 percent year-on-year. This month’s increase is mainly due to improved prospects for wheat production in Australia, where favourable rainfall in the country’s western regions after a dry start to the season has boosted yield expectations. The upward revision more than offsets a significant reduction in the wheat forecast in the European Union, where excessively wet weather is likely to reduce yields more than previously expected. The forecast for global coarse grains production in 2024 was revised down ...