Changeable weather has made adjustments to the outlook for the world's wheat harvest, while the supply of grains as a whole will remain at an acceptable level in the 2024-2025 season

Published 2024년 6월 11일

Tridge summary

The United Nations Food and Agriculture Organization (FAO) forecasts a record global cereal production of 2,847 million tonnes for the 2023-2024 season, a 1.2% increase from the previous year, primarily due to a surge in maize production. Despite declines in sorghum and wheat production, global cereal consumption is projected to grow by 1.6% to 2.836 million tonnes, with increased consumption of coarse grains and wheat, especially for feed. End-of-season cereal stocks are expected to rise by 1.4% to 884 million tons, driven by higher inventories of coarse grains and rice. However, global wheat production is expected to decrease due to unfavorable weather conditions in the Black Sea region. In the 2024-2025 season, global cereal production is predicted to slightly decrease from the record levels of the previous season, but global cereal consumption is expected to continue to increase, reaching a new record high of 2,851 million tonnes.

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

Original content

The 2023-2024 (July/June) farming season is coming to an end, with FAO estimating that global cereal production in 2023 will be a record 2,847 million tonnes, up 1.2 percent from 2022 production. The significant increase was largely due to a surge in global maize production, which more than offset declines in sorghum and wheat production. Cereal consumption in the 2023-2024 season could also exceed the level of the 2022-2023 season by 1.6 percent and is estimated at 2.836 million tons. The main increase was due to increased consumption of coarse grains and wheat, especially for feed purposes, amid the availability of sufficient stocks and lower prices compared to the previous season, while a slight decrease in rice consumption was recorded. End-of-season cereal stocks in 2024 are expected to be 884 million tons, up 1.4 percent from early-season levels and driven by higher inventories of coarse grains and rice amid a slight decline in global wheat stocks. Due to increased trade in ...

Source: Oilworld