News

IGC revised its forecast for global trade in wheat flour upward

Wheat Flour
Afghanistan
Market & Price Trends
Grains, Cereal & Legumes
Argentina
Published Oct 25, 2023

Tridge summary

The International Grains Council (IGC) has increased its forecast for world wheat flour trade in the 2023-24 period by 400 thousand tonnes to 14.5 million tonnes due to improved export predictions for Russia and Turkey. This revised forecast is still lower than the five-year average and the record high in 2016-17. The IGC also expects stronger regional trade in South America and increased imports from sub-Saharan Africa, but predicts a decline in supplies to Far East Asia and the Commonwealth of Independent States.
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Original content

The revised forecast will mean slightly higher trade volumes than the previous year, but it will still be below the five-year average of 14.9 million tonnes and well below the record 17.6 million tonnes in 2016-17. IGC said the projected year-on-year growth was partly driven by stronger regional trade in South America, estimated at 1.1 million tonnes, up 200,000 tonnes on the previous year. “Grain and flour supplies from Argentina to neighboring countries are expected to recover amid a potentially stronger domestic harvest,” the IGC said. Imports from sub-Saharan Africa are also expected to increase by 200,000 tonnes to 2 million tonnes, with more incoming shipments expected from Sudan and Somalia “as available trade data shows larger-than-expected shipments from Turkey in the first two months of the season." The Council predicts that due to efforts to develop local milling operations in Afghanistan and Uzbekistan, which consistently rank among the largest importers of wheat ...
Source: Agronovosti
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