FAO: Global cereal production forecast for 2024 to increase slightly to 2,853 million tonnes

The forecast for global cereal production in 2024 predicts a slight decline from the previous year, with wheat production expected to slightly increase from the September 2024 forecast, largely due to improved prospects in Australia, despite a reduction in the European Union's wheat production forecast due to wet weather. Coarse grain production is revised down, primarily due to lower forecasts in the European Union, but US maize production has been raised. Rice production forecasts have been revised up in many countries, especially Myanmar, but the downward revisions are largely balanced by a more optimistic outlook for India. Overall, global cereal consumption is projected to rise, and world rice utilization is forecast to reach a record high. Global wheat stocks are predicted to rise slightly, while world coarse grain and rice stocks are also expected to increase. The forecast for world cereal trade in 2024/25 has been raised but represents a decline from the previous year, and wheat trade is expected to decrease due to a decline in the wheat trade index.