World will harvest more soybeans and corn in 2023/24, but less wheat, says IGC

Published 2023년 3월 17일

Tridge summary

The International Grains Council has released its initial estimate for the global harvest of 2023/24, predicting a slight increase to 2.283 billion tons from the previous year's 2.25 billion tons. Consumption is expected to reach 2.288 billion tons, with end-of-season stocks at 580 million tonnes, a decrease from the current cycle due to increased corn and sorghum shipments to Asia. The global soybean crop is projected to grow to 399 million tons, with corn harvest expected to increase by 52 million tons to 1.202 billion tons, while wheat harvest may decrease from 801 million to 787 million tons. The grain carry-over forecast has been revised upwards to 586 million tonnes, despite a slight decrease in global consumption forecasts.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The International Grains Council (IGC) released today (16/3) its first estimate for the global harvest in 2023/24. The agency projects a harvest of 2.283 billion tons of grain, a volume greater than that of 2022/23, which will reach 2.25 billion tons, calculates the agency. For global consumption, the IGC estimates 2.288 billion – in 2022/23, the volume should be 2.261 million tons. End-of-season stocks are expected to be at 580 million tonnes, or 6 million tonnes less than in the current cycle. According to the IGC, the drop in inventories reflects the acceleration of corn and sorghum shipments to Asia. With increases in area and productivity, the global soybean crop will total 399 million tons, says the IGC, a volume greater than the 370 million tons of the 2022/23 crop. Ending stocks, in turn, should grow by 10 million tons, to 56 million. In the case of corn, the harvest should increase by 52 million tons, to 1.202 billion, and stocks will reach 261 million tons; the increase ...

Source: Beefpoint