Global grain production increases 2%

Buoyed by recovery prospects in Argentina, global soybean production in 2023-24 is forecast at a record high The IGC forecasts a 2% increase in production Global grain production is expected to reach a record 2.307 billion tonnes in 2023-24, mainly due to a solid recovery in corn production, as announced by the International Grains Council (IGC) during its 59th council session held in New Orleans, Louisiana, USA on January 24. The meeting was chaired by Anita Katial, USDA Agricultural Advisor for the United Kingdom and Republic of Ireland, at the US Embassy in London. Global stocks could contract by 1%, reaching 590 million tons, marking the seventh consecutive reduction. World trade is expected to decline by 3%, totaling 415 million tonnes, due to lower shipments of wheat, corn and barley. In the context of lower prices and a less than ideal sowing climate in some countries, the IGC notes that the global wheat harvested area is expected to fall by 1% in 2024-25. Although ...