FAO updates global grain estimate

FAO updates world grain harvest 2023/24 and estimates global wheat production 2024 The United Nations Food and Agriculture Organization (FAO) has updated the world grain harvest 2023/24 in its April 2024 edition. However, the corrections to the previous month's estimate are minor. Production remains 1.1% higher than last year. Stocks are expected to rise by 20 million tonnes to 894 million tonnes. The global supply situation is therefore slightly higher than in the previous two years. However, the wheat market , with production of 788 million tonnes, remains below consumption of 795 million tonnes. Ending stocks are down on last year's record result, but are still above the multi-year average. In the case of the rice market , minor increase corrections were made in production and consumption. The supply situation remains in the upper range. The coarse grain market with a focus on maize is expected to increase to 1.527 million tonnes, slightly higher than in the previous month. Global consumption is also estimated to be higher at 1,508 million tonnes. Nevertheless, stocks remain at 377 million tonnes, up 23 million tonnes. For the 2024/25 harvest, wheat is expected to be slightly lower than in the previous month, mainly due to the reduced expectations in the EU and GB. Production continues to fall short of consumption, so stocks are expected to be further reduced. Initial estimates for the global corn harvest in 2024 showed a lower result than in the previous year. This is due to production reductions in Brazil and South Africa due to unfavorable weather developments. In contrast, harvest expectations in Argentina are much more favorable.

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