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World cereal production declines in 2023 but is projected to increase in 2024

Updated Mar 28, 2023
Total cereal production (wheat and coarse grains) in 2022/23 is forecast by the International Grains Council to decline by 2 percent year-on-year to 2.25 billion tonnes, falling for the first time since 2017/18, mainly due to a smaller corn harvest. Consumption is also expected to decline, mainly due to a decline in feed utilization, but with a relatively steeper drop in supply, ending stocks will be reduced by 2%. In a context of lower amounts of secondary cereals, total trade will decrease by 4% on an annual basis. Buoyed by a supposed recovery in maize, global cereal production is forecast to increase by 1% in 2023/24 to 2.283 billion tonnes. While this could increase world supply, increased consumption could lead to a decrease in end-of-season stocks, pegged at 1%. Mainly linked to accelerated maize and sorghum deliveries in Asia, total trade is forecast to increase by 1%. With a large Brazilian harvest offsetting smaller harvests in other countries, notably Argentina, world ...
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