HomeAg NewsIGC Report Shows Drop in Global Grain Production

IGC Report Shows Drop in Global Grain Production

The International Grains Council released its Grain Market Report highlighting key global grain production and trade forecasts. The report shows a reduction in the forecast for world total grains production (wheat and coarse grains) for 2023-2024 now at 2.297 billion metric tons, down by four million metric tons month-on-month.

The decrease is primarily due to lower estimates for sorghum and barley. Despite increased carry-ins cushioning the supply outlook, carryover stocks were cut by three million metric tons to 588 million. The forecast for global grain trade in 2023-2024 is raised by eight million metric tons, driven by larger wheat and maize flows. World soybean trade in 2023-2024 is projected to increase by two million metric tons, inventories will be higher, and trade will likely reach an all-time high of 172.2 million metric tons.

Global rice production for 2023-2024 is revised up by three million metric tons, leading to higher consumption.

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