According to the latest Cereal Supply and Demand Brief, world cereal production is predicted to hit a record high from 2023 to 2024.
The FAO (Food and Agriculture Organisation of the United Nations) raised its 2023 global cereal production forecast to 2.819 million tonnes, showing a 1.1 percent increase compared to 2022.
The higher forecast is an example of the positive prospects for global wheat production, currently at 783.3 million tonnes, with improved outlooks indicated across several countries, including Canada, Kazakhstan, and Türkiye.
However, global wheat production continues to decline below last season’s output by 2.3 percent.
Global coarse grain output for the year is forecasted to grow by 2.9 percent from 2022 to 1.512 million tonnes. Similarly, world rice production from 2023 to 2024 is expected to increase by 1.2 percent from 2022 to 2023, reduced to 523.7 million tonnes.
World cereal utilisation for the upcoming seasons is expected to expand by 0.9 percent to 2.805 million tonnes, propelled by increased use of coarse grains, especially maise, for animal feed.
FAO raised its forecast for world cereal stocks by the close of the 2023 and 2024 seasons to 878 million tonnes, some 2.3 percent higher than the previous season. The global cereal stocks-to-use ratio would remain unchanged at 30.6 percent at this level, creating a comfortable level of stock supply.
FAO’s latest forecast for world trade in cereals from 2023 to 2024 indicates a likely 0.9-per cent contraction from 2022 to 2023, with volumes of wheat seen declining from record levels.