Global cereal production to reach new record high in 2024 – FAO

Published 2024년 7월 8일

Tridge summary

The United Nations Food and Agriculture Organization (FAO) has revised its forecast for global cereal production in 2024, raising it by 0.3% to a new record high of 2,854 million tonnes, with improvements in maize harvests in Argentina and Brazil. Wheat production is also expected to increase by 0.3% to 789 million tonnes. However, the forecast for global rice production has seen minor adjustments since June, with a slight expansion expected. The FAO also forecasts a slight increase in global cereal utilization in 2024/25, with a decrease in world wheat utilization. The forecast for world cereal stocks by the close of seasons in 2025 has been reduced slightly, but expectations still indicate a 1.3% rise in stocks above opening levels. International trade in total cereals in 2024/25 is expected to see a 3.0% decline from the 2023/24 level.

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Original content

FAO’s latest forecast for global cereal production in 2024 has been raised by 7.9 million tonnes (0.3 percent) in July and is now pegged at 2 854 million tonnes, up fractionally from 2023 and marking a new all-time high. The monthly increase reflects improved prospects for coarse grains, with the world production forecast lifted by 0.4 percent to 1 530 million tonnes, and for wheat, with expected production up 0.3 percent to 789 million tonnes compared to the June outlook. The bolstered outlook for coarse grains largely rests on better production expectations for maize harvests in Argentina and Brazil. Yield forecasts in the two countries are lifted moderately this month, reflecting more conducive weather after variable conditions in the preceding months. Nevertheless, Brazil’s output is still anticipated to fall well short of the record of 2023. Forecasts for maize production are also raised for Türkiye and Ukraine. These upward revisions more than outweigh downgrades to maize ...

Source: UkrAgroConsult