World harvest forecast for 2024: Historical maximum for soybeans and rice, while there will be less corn

The AMIS report released in May provides early forecasts for the global production of cereals in the 2024/25 academic year, highlighting significant uncertainties due to outstanding plantings in the northern hemisphere and weather conditions in key production areas. Drought and frost in Russia have led to concerns about wheat production, causing a rise in global wheat export prices. The report predicts a slight decrease in wheat production by 0.1% compared to 2023, with a total production of 786.7 Mt, despite potential drops in the EU, Turkey, the UK, and Ukraine. Corn production is expected to decline by 1.3% from 2023, primarily due to reduced production in Brazil, South Africa, Ukraine, and the US, although increases are anticipated in Argentina and the EU. Rice production is projected to increase by 0.9% to a record high of 534.9 Mt, fueled by strong plantings and improved yield growth. Finally, soybean production is expected to reach a new high of 419.2 Mt, driven by area expansion in Argentina, Brazil, and the US, as long as favorable weather conditions are met.