News

The CIC forecasts an increase in world cereal production and consumption in 2023/2024

Antigua and Barbuda
Published Mar 20, 2023

Tridge summary

In its report for the month of March, the International Cereals Council (CIC) has presented complete forecasts for grain production, consumption and trade for the upcoming 2023/24 campaign. The agency points to both an increase in supply and demand, so that the final stock of the campaign would decrease again. The increase in world production (+1%, to 2,283 million tons) is due to the recovery of the corn harvest, since the CIC points to a decline for wheat. As for consumption, it will grow by 27 million tons overall and will be above production; Consequently, a new drop in the end-of-season stock is expected, which has fallen steadily since the 2016/17 campaign, when it reached a volume of 662.3 million tons. The CIC also foresees an improvement in commercial exchanges, with a greater volume of shipments of maize and sorghum to Asia.

Original content

Soybean production will touch 400 million/ton The advance for soybeans points to new record figures for production and consumption worldwide in the 2023/2024 campaign. The harvest could reach 399 million tons, 29 million more than the current one, due to the increase in both the planted area and the expected yields. The increase in the soybean harvest is due to the increase in both the planted area and the yields Consumption would also reach all-time highs due to increased demand for soy-based ...
Source: Agropopular
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