Global: FAO cereal production forecast revised upward

Maize (Corn)
United States
Published Feb 5, 2024

Tridge summary

The Food and Agriculture Organization (FAO) has increased its forecast for global cereal production in 2023 to a record 2,836 million tonnes, largely due to higher corn production. Global coarse grain production is also set to reach a record 1,523 million tonnes. Despite a decrease in rice production forecasts for China, increases in other countries like Nepal, Mali, and Guinea have balanced the scales. However, the area under winter wheat may decrease slightly in 2024 due to lower world prices. The majority of the 2024 coarse grain crop in the Southern Hemisphere is expected to be harvested in the second quarter, but excessive rainfall in southern Brazil could impact this.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

FAO's forecast for global cereal production in 2023 was revised up this month by 13.2 million tonnes (0.5 percent) and is expected to reach a record 2,836 million tonnes. This figure is 1.2 percent (33.3 million tons) higher than the 2022 level. This forecast adjustment is primarily due to the fact that in a number of key producing countries the volume of corn production exceeded forecast estimates, as well as an increase in forecasts for the volume of barley and wheat production in the world, although more moderate. With an upward adjustment of 12 million tonnes this month, global coarse grain production is expected to reach a record 1,523 million tonnes. The revision is primarily due to higher estimates for corn production in Canada, China (Mainland), the United States and Turkey; This is confirmed by new official data, according to which crop yields have increased in these countries, and the area under cultivation has also been expanded. The volume of barley production in the ...
Source: Oilworld
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