Experts at the United Nations Food and Agriculture Organization (FAO) have updated their forecast for global grain production in the 2023/24 season, increasing it to 2,841 billion tons, taking into account the expected increase in corn, rice and wheat production.
“World grain consumption in the 2023/24 marketing year is expected to be 2,828 billion tonnes, up 1,3% from the previous season. World grain stocks at the end of the current marketing year are estimated at 894 million tons, 2,3% more than at the beginning of the year, representing a ratio of world grain stocks to consumption of 31%,” the report said.
World trade in grain is also expected to increase by 2023% to 24 million tonnes in the 1,7/485 marketing year, mainly due to higher shipments of coarse grains, while trade in wheat and rice is likely to decline.
“The FAO also revised its forecast for global wheat production in 2024 to 796 million tonnes, up 1% from last year,” the experts added.
Source: APKinform (Ukraine)