IGC in Jan. 2024: Status and prospects for the global wheat market in 2024 In its most recent Jan. 2024 edition, the International Grain Council (IGC) again slightly corrected the supply situation in the global wheat market and ventured an outlook for the year 2024/25. On the production side, the global supply of wheat is reported to be slightly higher than the previous month, with harvest volumes of 788 million t and consumption of 804.4 million t . This results in a reduction in inventories to 265 million t or -16 million t less than in the previous year. The supply figure falls from 35.4 to 33% of the final stock to consumption and thus falls significantly back into the lower middle range of previous years. The latest IGC forecasts for 2024/25 indicate a slightly higher harvest, but this will be more than offset by the expected increases in consumption. The IGC estimates that inventories could fall to a 6-year low .The background is reduced cultivated areas and possible yield losses due to weather conditions.
