Global ending stocks of cereals will drop to their lowest level in 9 years

Published 2023년 6월 20일

Tridge summary

The International Grains Council forecasts a record production of soybeans and rice for the 2023-24 marketing year, despite an overall drop in cereal ending stocks to a nine-year low. The total world cereal production is projected to increase by 40 million tonnes to 2,294 Mt, driven by strong maize and sorghum results, despite a decrease in wheat and barley harvests. Global soybean production is expected to rise by 9% to a record 403 Mt, with consumption also expected to reach a new high. World rice production is also projected to increase by 2% to a record 521 Mt, due to an increase in cultivated area and improving yields in Asia. However, cereal trade is anticipated to decrease in 2023-24 due to lower forecast wheat flows.

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

Original content

The International Grains Council (IGC), at its annual meeting in London last week, reviewed its latest global crop estimate, which calls for record soybean and rice production in the 2023-24 marketing year, while forecasting that total ending stocks of cereals will drop to their lowest level in nine years. With strong maize and sorghum results more than offsetting reduced wheat and barley harvests, the CIC estimates world cereal production will rise by 40 million tonnes year-on-year to 2,294 Mt. Consumption is expected to rise 2% year-on-year, from 2,254 million tons to 2,302 Mt, due to higher consumption in the food, industrial and feed sectors, which will cause a further reduction in final stocks. The CIC expects a slowdown in cereal trade in 2023-24, which will stand at 408 Mt, down from 411 million the previous year, mainly due to lower forecast wheat flows. Wheat production will decrease by 20 million tons, up to 783 Mt (Em USDA gives 800 Mt), while trade will be reduced by 6 ...

Source: Agrodigital