IGC experts forecast record world grain production in 2024/25 MY

Maize (Corn)

United States

Other Pea & Pulse

Published Mar 19, 2024

Tridge summary

The International Grains Council (IGC) has revised down the global grain production forecast for 2023/24 MY by 6 million tonnes to 2.3 billion tonnes due to poor corn harvest prospects in the Southern Hemisphere. Despite this, a record grain production of 2.33 billion tons is predicted for 2024/25 MY, driven by increased wheat and feed grain harvests. The production forecast for wheat and soybeans has been increased for both 2023/24 and 2024/25 MY. However, rice production is expected to decline due to reduced harvests in major producing countries and an export ban from India.

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Original content

In the March report, IGC experts lowered the forecast of global grain production in 2023/24 MY by 6 mln tonnes to 2.3 bln tonnes, which is 2% higher than the previous season. The adjustment is due to the deteriorating prospects for corn harvest in the Southern Hemisphere. In addition, IGC released the first forecasts for 2024/25 MY, according to which the grain production will reach a record 2.33 billion tons due to the increase in wheat and feed grain harvest. Grain consumption may also reach a record level due to the active use of feed. Wheat The production forecast for 2023/24 MY has been increased by 1 million tons to 789 million tons compared to February’s estimates. In 2024/25 MY, production is expected to reach 799 mln tons. Soybeans The harvest forecast for 2023/24 MY is increased by 4% to a record 390 million tons due to the recovery of production in Argentina, which will compensate for the decline in the harvest in Brazil and the United States. In all of these countries, ...

Source: UkrAgroConsult