News

The USDA revises its global cereal production forecasts downwards

Grains, Cereal & Legumes
Argentina
Market & Price Trends
Published Apr 16, 2024

Tridge summary

The USDA has updated its global cereal production forecast for the 2023/24 season, lowering the total estimate to 2,292.4 million tons, a decrease of 1.6 million tons. This revision includes a decrease in coarse grains production by 2.2 million tons, now expected at 1,505.1 million tons, primarily due to a reduced forecast for Argentina, although the EU's coarse grains forecast was raised. Corn production estimates were also cut by 2.3 million tons, while wheat production predictions saw a slight increase of 660,000 tons to 787.3 million tons. Additionally, the USDA projects higher consumption rates for wheat and coarse grains, with a minor reduction in the final stock levels for both.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In its April report, the United States Department of Agriculture (USDA) revised downwards by 1.6 million tons its previous forecast for world cereal production 2023/24, which now stands at 2,292.4 million tons. . Specifically, in the case of coarse grains, the USDA has revised world production downwards by 2.2 million tons, with which a harvest of 1,505.1 million tons is expected (compared to the 1,446 million tons of the 2022/2023 campaign). Argentina is one of the countries responsible for this decline, since it estimates production of 63.2 million tons, 1 million tons less than in last month's report. However, it rose by 1.1 million tons in the European Union, reaching 135.9 million tons. Likewise, it should be noted that within coarse grains the USDA maintains the world barley harvest practically unchanged at 142.2 million tons. The oat harvest also does not change and remains at 19.4 million tons and the world sorghum harvest reaches 59.7 million tons, unchanged from the ...
Source: Agropopular
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