IGC experts forecast record world grain production in 2024/25 MY

Published 2024년 3월 18일

Tridge summary

The International Grains Council (IGC) has lowered its global grain production forecast for 2023/24 by 6 million tons to 2.3 billion tons due to poor corn harvest prospects in the Southern Hemisphere. Despite this, a record cereal production of 2.33 billion tons is anticipated in 2024/25, with grain consumption also expected to reach a record high. The 2023/24 harvest forecast has been increased by 4% to a record 390mt, compensating for declines in Brazil and the US. Production in 2024/25 is projected to rise by 6% due to an expanded sowing area and yield. However, reduced harvests in major producing countries will decrease global production, supplies, consumption, and inventories.

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

Original content

In the March report, IGC experts reduced the forecast of global grain production in 2023/24 MR by 6 million tons to 2.3 billion tons, which will exceed the previous season's figure by 2% compared to February estimates. The adjustment is due to the worsening prospects for the corn harvest in the Southern Hemisphere. In addition, the IGC released its first forecasts for FY 2024/25, according to which cereal production will reach a record 2.33 billion tons thanks to increased wheat and feed grain yields. Grain consumption may also reach a record level due to the active use of feed. The production forecast for FY 2023/24 has been raised by 1 million tons to 789 million tons compared to February estimates. In FY 2024/25, production is expected to be 799 million tons. The FY 2023/24 harvest forecast was raised by 4% to a record 390mt, thanks to a recovery in production in Argentina, which offsets declines in Brazil and the US. In all these countries, consumption will be maximum, so the ...

Source: Graintrade