The CIC forecasts an increase in world cereal production and consumption in 2023/2024

Published 2023년 3월 20일

Tridge summary

The International Cereals Council (CIC) forecasts a rise in grain production and demand for the 2023/24 campaign, leading to a decrease in the final stock. World production is estimated to increase by 1% to 2,283 million tons, largely due to a recovery in the corn harvest, despite a decline in wheat. Consumption is projected to grow by 27 million tons, surpassing production, and is expected to reach record highs due to increased demand for soy-based products. Commercial exchanges are anticipated to improve, with a higher volume of maize and sorghum shipments to Asia. Soybean production is expected to reach a new record of 399 million tons, due to an increase in both the planted area and expected yields, and consumption is also expected to reach record highs.

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Original content

In its report for the month of March, the International Cereals Council (CIC) has presented complete forecasts for grain production, consumption and trade for the upcoming 2023/24 campaign. The agency points to both an increase in supply and demand, so that the final stock of the campaign would decrease again. The increase in world production (+1%, to 2,283 million tons) is due to the recovery of the corn harvest, since the CIC points to a decline for wheat. As for consumption, it will grow by 27 million tons overall and will be above production; Consequently, a new drop in the end-of-season stock is expected, which has fallen steadily since the 2016/17 campaign, when it reached a volume of 662.3 million tons. The CIC also foresees an improvement in commercial exchanges, with a greater volume of shipments of maize and sorghum to Asia. Soybean production will touch 400 million/ton The advance for soybeans points to new record figures for production and consumption worldwide in the ...

Source: Agropopular