Feb. 2024: FAO estimates world grain supply higher in 2023/24 The Food and Agriculture Organization of the United Nations (FAO) estimates global production and consumption of grain and rice higher in its latest Feb. 24 issue than in Dec. 23. Forecast. Production is estimated to be +1.2% higher than the previous year's result. This is offset by an almost equally high increase in consumption . This means that global inventories will only improve minimally. However, at 788 million tonnes, wheat production is -2.13% lower than in the previous year. The FAO estimates consumption to be +2% higher at 794.3 million tonnes. This means that wheat stocks are reduced by -3 million t to just under 320 million t. The rice market remains largely unchanged at the previous year's level. The remaining grain , with a focus on corn, is estimated to be +3.2% higher. However, consumption is only expected to increase by 1.3%. This increases inventory levels by 6.9% and the range of reserves increases from 87 to 91 days. If you look at the grain market without rice, there is a balanced production-consumption ratio with a small surplus of +0.5%.
