World cereal production declines in 2023 but is projected to increase in 2024
Argentina
Brazil
China
India
Published Mar 28, 2023
Original content
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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