USDA: First forecast of the global wheat and feed grain market in the 2024/2025 season

The world wheat market is projected to experience a drop in supplies by 2.2 million tonnes, with record production of 798.2 million tonnes, however, the decrease in stocks in countries such as China and Russia counterbalance the increased production in several other countries. The global consumption of wheat is anticipated to rise to a record 802.4 million tonnes in 2024/2025. In contrast, the global corn production is forecasted to decrease from the previous record, primarily due to declines in the US, Ukraine, and other countries, despite higher production in Brazil and China. Global corn consumption is expected to barely grow to a record 1.221 billion tonnes, and global corn imports are forecasted to fall slightly. China's total imports of feed grains for the 2024/2025 season are predicted to slightly increase, despite lower prices of energy raw materials in the domestic market, and corn imports are expected to remain unchanged while barley imports are predicted to decrease and sorghum imports are predicted to increase.