Overview of the global grain and soybean market

KEY POINTS This is mainly due to the adjustments for corn, but with barley and wheat harvests also expected to be higher compared to the November GMR, global cereal production (wheat and coarse grains) is forecast to increase by around 11 million tonnes in 2023/24 ( month to month). While much of the additional supply will be absorbed by increased feed use, the forecast for global carryover stocks (the sum of the corresponding local marketing years) is raised by 5 million tonnes from the prior period to 590 million tonnes. The trade figure (July/June) was also increased by 5 million tons, including inflated estimates for corn and wheat, oilworld.ru reports, citing IGC. The Council's early forecasts for wheat supply and demand in 2024/25 indicate a slightly larger harvest than last year (on an annualized basis), with potentially higher yields more than offsetting the modest reduction in planted area. With offsetting changes in food and feed, consumption is forecast to reach ...