International Grains Council slightly revises upwards its forecast for global cereal consumption in 2024/25

Published 2024년 10월 21일

Tridge summary

The International Grains Council (IGC) has kept its forecast for global cereal production at a record 2,315 million tonnes for the current campaign, marking a 0.4% increase from the previous year. However, it has raised the consumption forecast by 3 million tonnes to a historic 2,328 million tonnes, driven by higher human consumption and industrial use, while animal feed demand remains stable. This consumption level exceeds production, resulting in a reduced final stock of 584 million tonnes, the lowest in a decade. Additionally, global trade is expected to decline significantly by 36 million tonnes, mainly due to decreases in wheat and corn trade.

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

Original content

In its October report, the International Grains Council (IGC) maintains its forecast for world cereal production for the current campaign at 2,315 million tonnes, a record volume and 0.4% more than in the previous campaign. However, it has revised upwards by 3 million tonnes the consumption forecast, which will also reach a historic level of 2,328 million tonnes. This volume would represent an increase of 0.5% compared to the estimated demand for the 2023/24 campaign and is due to the expected increase in human consumption (+0.8%; 773 million tonnes) and industrial uses (+1.2%; 388 million), since the demand for animal feed will remain stable at 1,046 million tonnes. Since consumption will exceed production in the current campaign, it will close with a shorter final ...

Source: Agropopular