FAO: The forecast for world cereal production in the 2023/2024 season has increased

The article reports a revision in the global rice production forecast for the 2023/2024 season, leading to a new record of 529.2 million tonnes, with minor adjustments in corn and wheat production estimates. The global grain use is projected to increase by 1.7 million tons from the previous month, reaching 2.829 billion tons, with feed grains use expected to rise by 1.8 million tons. Despite a slight decrease in global wheat use forecast, mainly due to reduced feed consumption in Brazil and the US, the use of wheat as feed is expected to increase significantly in China and Europe. The FAO predicts that world cereal stocks will be above opening levels, with a comfortable grain stocks-to-use ratio of 30.9%. Global grain trade forecasts have also been raised, showing an increase in trade volumes for various grains, including feed grains and wheat. However, the wheat production forecast for 2024 has been lowered by the European Union and Australia due to adverse weather conditions, although in Russia and Ukraine, production is expected to be favorable.