FAO: Global cereal production to reach record levels in 2023, but trade volume to decline in 2023-2024 season

FAO's current forecast for global cereal production in 2023 has been increased by 3.8 million tonnes from the previous forecast and now stands at 2,819 million tonnes, up 0.9 percent (26.5 million tonnes) from last year. . This increase is due to improved prospects for the wheat harvest, the forecast for global production in September was increased by 3.7 million tons to 785 million tons. The main reason for this was new, more optimistic than previously, crop estimates in the Russian Federation and Ukraine against the backdrop of continued favorable weather conditions. They offset a significant reduction in the forecast for wheat production in Canada, associated with prolonged drought in key producing provinces (Alberta and Saskatchewan), which led to a deterioration in prospects for the crop as a whole. Forecasts for wheat production in Argentina and Kazakhstan have also been lowered, as persistent dry and hot weather in these countries has negatively affected the condition of ...