The USDA revises its forecasts for world cereal production downwards

In its July report, the United States Department of Agriculture (USDA) revised its previous forecast for world cereal production 2023/24 downward by 3.4 million tons, which now stands at 2,310 million tons. Specifically, in the case of wheat, the USDA has revised downward world production by 3.5 million tons, with which a harvest of 796.6 million tons is expected. The European Union is partly responsible for this decline, since production is estimated at 138 million tons, 2.5 million tons less than in last month's report. It also drops 2 million tons (17.5 million tons) in Argentina and 2 million tons (35 million tons) in Canada. On the contrary, it increased 2 million tons in the United States, standing at 47.3 million tons. Regarding coarse grains, the USDA maintains the world production forecast for the current season 2023/2024 practically unchanged compared to the June report at 1,513.3 million tons. In the European Union, the USDA forecasts a harvest of 143.3 million tons, ...