The IGC once again cuts its global cereal production forecast for 2024/25

Published May 27, 2024

Tridge summary

The International Grains Council has lowered its forecast for the global cereal production for the 2024/25 campaign by 10 million tonnes, now estimating it at 2,312 million tonnes, which would be a slight increase of 0.7% from the previous record. This reduction is attributed to a decrease in the expected corn and wheat production, mainly from Argentina, sub-Saharan Africa, Russia, Ukraine, and the United States. Despite the lower production, global consumption for the 2024/25 campaign is projected to increase slightly, with higher demands in animal feed, human consumption, and industrial uses. This could result in the lowest global final stocks in ten years and a decrease in global exchanges. Contrarily, the council predicts a record global soybean harvest for the same period, with an almost 6% increase in production, and demand also reaching new highs, leading to a significant increase in the campaign's final stock.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The International Grains Council (ICC) has once again revised downwards, by 10 million tonnes, its forecast for world cereal production for the 2024/25 campaign, which now stands at 2,312 million tonnes. Despite the cut, if this figure is confirmed, it would continue to be a historic volume, since it would represent an increase of 0.7% compared to the record for the current 2023/24 campaign, which would be slightly below 2.3 billion. The cut is mainly due to a shorter corn forecast (due to the revision of the figures from Argentina and the producing countries of sub-Saharan Africa), although it has also cut the wheat forecast (in this case due to lower prospects in Russia, Ukraine and the United States). Regarding consumption, in 2024/25 it will be somewhat higher than that of the current campaign (+0.4), with increases in both demand for animal feed (1,047 million tons; +0.2%), and in human consumption (767 million; +0.4%) and industrial uses (379 million; +0.7%). The consumption ...
Source: Agropopular
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