The new forecast data for the grain balance of Europe and the world in 2023/24

The International Grains Council (IGC) these days published its first forecast for the state of the global grain balance in the 2023/24 marketing year. World grain balance in million tons The Council forecasts a decrease in world wheat production in 2023/24 by 14 million tons compared to the expected result for the current marketing year - from 801.0 million tons to 787.0 million tons. t. I must immediately point out that, despite the significant decrease compared to last year's record level, the volume forecast for the new crop will be the second largest in the history of global wheat production. World wheat production according to IGC data (in million tonnes) The main factor behind the looming weaker global harvest next season is reduced wheat production in Russia, Ukraine, Australia and Kazakhstan. In Russia, in 2023, as a result of unfavorable agro-meteorological conditions and areas reduced against the background of reduced domestic prices, a drop in wheat production by 12.6 ...