IGC slightly increases global grain harvest 2023/24 The International Grain Council (IGC) has increased the global grain harvest 2023/24 by 3 million t to 2,295.4 million t in its monthly Nov-23 estimate. The increases compared to the previous month are due to higher harvest results in Russia, Ukraine and the USA. In contrast, production in Kazakhstan and Argentina was reduced. Compared to the previous year, there was an increase of around 30 million tonnes, which was mainly due to the increased US corn harvest. Grain consumption is estimated at 2,308 million t (previous year 2,268 million t). The increases can be observed in a majority of countries. Ending stocks fall to 585 million t (previous year: 598 million t). The supply figure is calculated at 25.2% ending inventory to consumption compared to the three-year average of 26.4%. Supplies last for 92 days (3-year average 96 days). Without China, the range is 55 days.In the wheat sector , global production of 787 million tons is not enough to cover increasing consumption of 804 million tons. In the previous year, production was 804 million t and consumption was 795 million t. Therefore, falling ending stocks are expected for the current year 2023/24. The supply figure drops to 33% ending inventory for consumption. (Excluding China 19.3%). The wheat sector has a comparatively below-average supply. Wheat prices on the Paris Stock Exchange have recently fallen, but there are unmistakable signs of recovery. Global corn production increases to 1,223 million t (previous year 1,161 million t). The increase is largely due to the higher US harvest, which rose from last year's 348 million t to this year's 387 million t. Corn consumption is estimated at 1,213 million t (previous year 1,174 million t). This will enable stocks to be increased by 10 million t to 285 million t; without China the increase is even around 15 million t. This means that the corn market is better supplied than the wheat market. Corn prices, which have so far been trading sideways, are showing the first signs of a slight price decline.
