In the 2023-2024 season, the world grain supply remains at a sufficient level

Published Apr 8, 2024

Tridge summary

The FAO's revised forecast for the 2023-2024 global cereal production anticipates a 1.1 percent increase from the previous year, reaching 2,841 million tons, thanks to higher corn production in the EU and increased wheat harvests in Argentina and Australia, alongside a record rice production in Asia. Global cereal consumption is also expected to rise by 1.3 percent, with wheat and coarse grain consumption seeing notable increases. Despite a slight decrease in global wheat stocks and a reduction in coarse grain stocks, overall cereal stocks are projected to end 2024 at 894 million tons, 2.3 percent higher than at the start of the season. The global grain trade volume is forecasted to increase by 1.7 percent, reaching 485 million tons, although wheat trade volumes are expected to slightly decrease by 0.7 percent to 199 million tonnes, influenced by increased exports from Russia and higher import demands from the EU, Thailand, and the UK.

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

Original content

In the 2023–2024 season, the global supply of grains remains at a sufficient level; lower prices in international markets have led to a reduction in wheat acreage, while prospects for the 2024 harvest remain good due to favorable weather conditions Published: 05/04/2024 FAO's forecast for global cereal production in the 2023-2024 season has been revised slightly increased and now stands at 2,841 million tons, which is 1.1 percent (32 million tons) more than a year earlier. The revision comes as expectations for global corn production rise, following the latest official European Union estimates, and for wheat production, following recently released official data showing slightly higher harvests in Argentina and Australia. Additionally, following slight upward revisions to crop prospects in a number of countries, FAO has raised its forecast for global rice production in the 2023-24 season, which is now estimated at 526.4 million tonnes (hulled grain equivalent). ). On a year-on-year ...

Source: Oilworld