World cereal harvest will hit new records this year with doubts over distribution

Published Aug 5, 2024

Tridge summary

The International Grains Council (IGC) predicts a record high in world cereal production, reaching 2,321 million tons in the 2024-2025 campaign, with global harvest expected to grow by 1% annually. However, the distribution and trade of these cereals will face challenges due to increasing consumption, climate instability, and geopolitical issues. Despite the record campaigns, the question of distribution and the potential impact of political instability on oil and transport freight remains uncertain. The IGC forecasts a decrease in stored corn reserves in the EU, Russia, Ukraine, and several sub-Saharan African countries. Additionally, the global cereal and oilseed index shows a 2% monthly drop, driven by the harvest in the northern hemisphere, ample supply, and strong competition. In Spain, the prices of key cereals have seen a decrease from the previous year, adhering to the global market trends.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

World cereal production will reach a historical maximum in the 2024-2025 campaign up to 2,321 million tons, according to the intergovernmental organization IGC, but its distribution and trade will be influenced by the rise in consumption, climate instability and the geopolitical panorama. The main cereal-producing countries on the planet have raised their harvest projections, which will globally grow by 1% annually, according to the latest forecasts from the International Grains Council (IGC). With these capacities, production "concatenates" several record campaigns, assure Efeagro from the commercial sector, but "the question is how it will be distributed", along with unknowns such as the effect of political instability on oil and transport freight; At the moment the price trend is downward. Spain, specifically, is a grain-deficit nation and its prices are set by international markets, although the production of this campaign is more abundant than the catastrophic one of 2023, ...
Source: Agrodiario
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