USDA: Global grain production 2023/24 increased slightly compared to the previous month. The US Department of Agriculture (USDA) also increased its global grain supply slightly compared to the previous month. Grain production (excluding rice) will increase slightly to 2,236 million tonnes. Consumption is estimated at 2,284 million tonnes. However, inventories remain largely unchanged. The supply figure (including China) is calculated at 26.2% of the final inventory to consumption (previous year 26.6%). This continues the reduction in global grain supplies that has been observed for 6 years. The supply figures excluding China fall from just under 14 to 13.8% of inventories relative to consumption. The USDA increased global wheat production slightly to 783 million tonnes due to slightly better-than-expected harvests in Canada and Australia. On the consumption side , an increase to almost 795 million t is also expected. More wheat is expected in the EU and Southeast Asia. The supply situation (excluding China) remains largely unchanged with just under 19.4% final stock for consumption.Global production of coarse grains , with a focus on corn , is estimated at 1,502 million t (previous month 1,499 million t). The higher result is due to the better than previously expected harvests in Russia, Ukraine and the EU. However, the increased supply is fully offset by the increasing consumption. As a result, the ending stocks remain largely unchanged. The ratio of final inventory to consumption (excluding China) remains just under 12%. In conjunction with the usual reactions to the weekend, the grain prices on the stock exchanges in Chicago and Paris showed a downward trend, although at the increased level again compared to the short-term decline at the turn of the month November/December. 2023.
