The global cereal supply remains adequate in the 2023-24 season

Published 2024년 4월 5일

Tridge summary

The FAO's updated forecast for the 2023-24 season projects a 1.1 percent increase in global cereal production, reaching 2,841 million tonnes, thanks to higher corn and wheat outputs in the European Union, Argentina, and Australia, alongside a record rice production driven by significant harvests in Asia, Africa, and the United States. Global cereal consumption is also expected to rise, leading to an increase in overall cereal stocks by 2.3 percent to 894 million tonnes. However, wheat trade volumes are predicted to slightly decrease by 0.7 percent, while coarse grains trade is set to grow by 5.0 percent, reflecting adjustments in global trade dynamics. The global cereal stocks to consumption ratio remains stable at 31.0 percent, indicating a balanced market.

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 2023-24 has been revised up slightly to 2,841 million tonnes, up 1.1 percent (32 million tonnes) from a year earlier. The revision comes as expectations for global corn production rise, following the latest official European Union estimates, and for wheat production, following recently released official data showing slightly higher harvests in Argentina and Australia. Additionally, following slight upward revisions to crop prospects in a number of countries, FAO has raised its forecast for global rice production in the 2023-24 season, which is now estimated at 526.4 million tonnes (hulled grain equivalent). ). On a year-on-year basis, output will therefore rise by 0.5 percent, reaching a record level for the 2021-2022 season, driven by expectations of a bumper harvest in Asia overall, as well as expanded production in Africa and the United States. The forecast for global grain consumption in the 2023-2024 season was increased by 4.6 ...

Source: Zol