World cereal production set to reach record high

At the end of July, the FAO forecast for the production of cereals in 2023 in the world was increased by 5.9 million tons (0.2 percent) compared to the previous month and now stands at a record 2,819 million tons, up 1.1 percent above the level of the previous year. This month's adjustment is driven almost entirely by improved global wheat prospects; however, despite the fact that the forecast for its production was raised by 0.9 percent to 783.3 million tons, it is still 18.4 million tons below the record level of 2022. The forecast for wheat production in the European Union has been revised upwards, as generally favorable weather conditions give hope for a higher harvest, despite the adverse effects of a rainfall deficit in the Iberian Peninsula. In addition, there were slight increases in forecasts for Canada and Kazakhstan, where spring wheat is the main source of production, with higher acreage than previously thought, and for Turkey, where wheat could also be higher, ...