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

Published May 13, 2024

Tridge summary

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.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

World wheat market Supplies are forecast to fall by 2.2 million tonnes to 1.056 billion tonnes and production is expected to be a record 798.2 million tonnes, but lower stocks in several countries, notably China and Russia, more than offset higher global production. Increased production in India, China, Australia, Kazakhstan, Canada and the US are expected to more than offset reductions in Russia, the UK, the EU and Ukraine. Forecasted global consumption in 2024/2025 will increase by 2.0 million tonnes to a record level of 802.4 million due to further growth in food, seed and industrial (FSI) use, while feed and residue use will be lower, due to the expected greater price competitiveness of feed grains. India has the largest increase in industrial use, while China has the largest reduction in feed and residue use. The global feed grain market Global corn production is forecast to fall from last year's record to 1.220 billion tonnes, with the largest declines occurring in the US, ...
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