The forecast for world grain production for 2024 has been raised, expected to exceed 2023 levels

Published 2024년 7월 8일

Tridge summary

The United Nations' Food and Agriculture Organization (FAO) has revised its forecast for global cereal production in 2024, raising it by 7.9 million tonnes to a record 2,854 million tonnes, which is slightly above 2023 levels. This increase is attributed to improved prospects for coarse grains, such as corn, and wheat, largely due to favorable weather conditions in key producing countries like Argentina, Brazil, and Pakistan, despite challenges such as drought in Indonesia and Pakistan. The global grain consumption for the 2024-2025 season is also expected to slightly increase from the June forecast. However, the forecast for global grain stocks at the end of the 2025 growing season has been reduced due to lower forecasts for coarse grain stocks in Brazil and Ukraine, while world wheat stocks are expected to be lower due to decreased expected volumes in Russia.

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Original content

FAO's July forecast for global cereal production in 2024 was raised by 7.9 million tonnes (0.3 percent) to now stand at a record 2,854 million tonnes, slightly above 2023 levels. This increase from the June forecast is driven by improved outlook for coarse grains (world production forecast increased 0.4 percent to 1,530 million tons) and wheat (production expected to increase 0.3 percent to 789 million tons). The brighter outlook for coarse grains is mainly due to improved corn crop prospects in Argentina and Brazil. These forecasts have been raised slightly this month due to more favorable weather conditions following a period of unsettled weather in previous months. However, Brazil's output is still expected to decline from its 2023 record level. Corn production forecasts for Turkey and Ukraine were also raised. This upward revision more than offsets reductions in maize production forecasts for Indonesia and several southern African countries where crops have been affected by ...

Source: Oilworld