Global grain stocks heading for 10-year lows

The latest forecast for global supply and demand of total cereals (wheat and coarse grains) in the current 2024/25 season suggests a somewhat tighter picture, with the production forecast cut and the consumption estimate raised, according to the November report of the International Grains Council (IGC). Global cereal production is now estimated at 2.311 billion tonnes, with the 4 million tonne reduction from last month largely attributed to lower estimates for both barley and wheat. Despite this decline, the harvest is still expected to reach a new all-time high, although only a modest year-on-year change in major cereal production is expected, following notable swings, particularly for maize, in recent seasons. Estimates for world grain consumption have also been raised by some 4 million tonnes since October, with higher figures for demand for feed, food and industrial uses. World cereal consumption could thus also reach a new record, with demand for food, feed and industrial ...