World grain production could increase by 2023% to 24 billion tons in 1/2,813 compared to the previous season (including Rice in flour equivalent) will rise, according to the first preliminary forecasts by analysts at the Food and Agriculture Organization of the United Nations. This was announced by the FAO press service.
“For important Grains the main profit will be the production of corn, partly rice and Sorghum increase. At the same time, the production of Wheat and Barley compared to 2022 and partially leveling out the growth mentioned above,” the statement reads.
According to the FAO's initial forecast, global grain consumption in the 2023/24 season will be around 2,803 billion tons, which is 0,9% higher than the expected value of the current season, with this increase being almost entirely achieved by the forecast growth in feed grain consumption.
Based on the FAO's first forecasts for world grain production and consumption, their stock could increase by 2023% in 24/1,7 and reach a record 873 million tons. Rice and barley are expected to show the largest increase in stocks among the major grains. At the same time, stocks of wheat and sorghum are likely to be below the levels at the beginning of the season.
“Global grain trade volume is expected to remain at 2022/23 levels at 472 million tonnes next season. At the same time, the projected growth in world trade in feed grains and rice will be partially offset by the decline in trade in wheat,” the FAO said.
Source: APKinform (Ukraine)