Global: IGC grain and soybean market review - highlights, November 2024

Published 2024년 11월 22일

Tridge summary

The forecast for the global supply and demand for cereals for the 2024/25 season shows a tightening outlook with an estimated production of 2311 million tonnes, a decrease of 4 million tonnes from the previous month, and consumption expected to rise by the same amount. Ending season stocks are predicted to reach their lowest in a decade at 576 million tonnes. Despite a decrease in US crop estimates, soybean production is expected to reach a record 419 million tonnes, a 6% increase from the previous year. Global rice production is also expected to rise by 2% to a record 535 million tonnes. However, trade volumes are predicted to decrease by 8% to 419 million tonnes due to lower import needs in Asia and Europe.

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

Original content

Summary, key points The latest assessment of world total supply and demand for cereals (wheat and coarse grains) for 2024/25 points to a further tightening of the outlook, with production forecast lower and consumption higher than previously. Grains production is now estimated at 2311 million tonnes, down 4 million tonnes from last month, mainly due to lower estimates for barley and wheat. The forecast for world consumption is up 4 million tonnes m/m (compared to the previous month), with increases for feed, food and industrial uses. Ending season stocks (a combination of relevant local trading years) are forecast 8 million tonnes lower than previously at 576 million tonnes, the lowest in a decade, including reductions for wheat, corn, barley and rye. With small offsetting adjustments for various grains, the world trade forecast remains at 419 million tonnes, oilworld.ru reports with reference to the IGC. Largely reflecting the lowered US crop estimate, 2024/25 soybean production ...

Source: Oilworld