Higher grain production and more corn consumption in the world

Published 2023년 6월 2일

Tridge summary

The United Nations' Food and Agriculture Organization (FAO) forecasts a slight increase in global grain production for the 2023-2024 season, reaching 2,813 million tons, which is 1% higher than the previous year. This growth is primarily driven by an increase in corn production, with rice and sorghum also contributing. However, the production of wheat and barley is expected to remain stable or decrease slightly from the 2022-2023 season. Global grain consumption, estimated at 2,803 million tons, is expected to grow at a similar rate to production, with an increase in the consumption of maize and human consumption of wheat and rice. Despite the rise in production and consumption, the FAO predicts that grain stocks will increase by 1.7% to a record 873 million tons, with corn being the main component. Additionally, the FAO expects a decrease in world wheat production compared to previous estimates, leading to a situation where consumption will exceed production, resulting in declining stocks.

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

Original content

The FAO is aiming for a total grain production of 2,813 million tons for the season that starts July 1 – including rice. That is an increase of 1% compared to last year's harvest. Corn is the main contributor to that increase, followed by rice and sorghum. According to current expectations, the production of wheat and barley will remain lower than in the 2022-23 season. Worldwide grain consumption is estimated at 2,803 million tons in the coming season. Consumption therefore shows a comparable growth to production. The consumption of grain maize in particular is increasing, the FAO expects. And in particular, the sale of maize in animal feed is increasing. As far as human consumption is concerned, the FAO expects an increased consumption of wheat and rice. Slightly higher grain stocks expected Although production and consumption are increasing at a similar rate, the FAO expects grain stocks to be somewhat higher at the end of the season. Now the World Food Organization is still ...

Source: Boerderij