• According to a report by the Food and Agriculture Organization of the United Nations (FAO), world grain production will reach a record level in the new agricultural year 2023-2024.
“The increase in the forecast is largely driven by an improved outlook for world wheat production, currently estimated at 783,3 million tonnes, thanks to improved forecasts from several countries, including Canada, Kazakhstan and Turkey. However, world wheat production still remains lower than last year's figure by 2,3%", FAO reports.
FAO raised the forecast of world grain production for 2023 to 2.819 million tons, which is 1,1% more than the previous year. World production of feed grains this year is forecast to increase by 2,9% from 2022 — to 1.512 million tons, and world rice production in the 2023-2024 season is expected to increase by 1,2% to 523,7 million tons.
In the next marketing year, global cereal consumption is forecast to increase by 0,9% to 2.805 million tonnes, due to the expected increase in the use of feed grains, especially maize for animal feed. The FAO is also forecasting a 0,9% drop in grain trade this season from last year, with wheat volumes down from record levels.
As for world grain stocks, the Food and Agriculture Organization of the United Nations forecasts at the end of the 2023-2024 season a volume of 878 million tons, which represents an increase of about 2,3% compared to the numbers of previous business year. According to estimates, the ratio of world grain stocks to their consumption will remain unchanged at 30,6%.
Article written by Gabriela Dan, Editor of Arta Albă.
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