FAO: November forecast for global cereal production in 2024 is slightly lower than in 2023

Published 2024년 11월 8일

Tridge summary

The global grain market is expected to see a slight increase in use by 0.5% in 2024/25, primarily driven by higher food consumption, particularly rice and wheat. However, the use of grains as feed is projected to decrease slightly. As a result, global grain stocks are expected to rise by 0.6% to 889 million tonnes. Despite this, global grain trade is predicted to fall by 3.9% in 2024/25 due to a anticipated decrease in global wheat and feed grain trade, while rice trade is expected to increase.

Wheat production is expected to reach the second-highest level on record in 2024, largely due to expansion in Asia, and despite challenges such as drought in the U.S. and heavy rain in Europe. In contrast, feed grain production is forecast to fall to its second-highest level on record in 2024, mainly due to a significant decline in global maize production caused by adverse weather conditions. Rice plantings are expected to reach record levels in the 2024/25 season, potentially leading to global rice production exceeding the already high 2023/24 results.

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

Original content

Total Grain Market At 2.857 million tonnes, the global grain use forecast for 2024/25 indicates a 0.5% increase from 2023/24 levels. This increase is largely supported by the expected increase in food consumption, especially rice and wheat. Other uses of grain are also expected to increase in 2024/25, although marginally and almost entirely related to rice. In turn, the use of grains as feed is likely to decline slightly due to the decrease in the use of wheat and rice as feed, which should outweigh the expected increase in the use of feed grains as feed. Based on current forecasts for global grain production in 2024 and use in 2024/25, global grain stocks could increase by 0.6% above opening levels to 889 million tonnes. Global rice stocks are expected to rise the most, followed by feed grain stocks. Wheat stocks are expected to fall below opening levels. On current forecasts, the global grain stocks-to-use ratio would fall slightly, from 30.9 percent in 2023/24 to 30.6 percent ...

Source: Farmer.pl