IGC estimates world grain market 2023/24 - wheat more scarce, corn better supplied In its most recent February 24 issue, the International Grain Council (IGC) assessed the world grain market according to the latest information. There have been few changes from the Jan. 24 estimate. Compared to the previous year , global grain production (excluding rice) is ranked +1.9% higher. This compares to a global consumption increase of +2.1%. As a result, inventories will be reduced from 596 million tonnes last year to 589 million tonnes at the end of the year. Supply figures fall from 26.3% to 25.4% final inventory for consumption. The range of reserves falls from 96 to 92 days. What is striking, however, is that inventories in the five largest export regions are 12% higher than in the previous year. The high but falling prices have caused importing countries to be cautious about import purchases. Given that the marketing year is almost over, this provides an explanation for the current price declines.
In the case of the wheat market , production has fallen from 803 million tons last year to 788 million tons this year. However, consumption increases from 795 million t to 803 million t. This results in a calculated inventory reduction from 280 to 265 million t. Reserve stocks have also declined somewhat in the five largest export regions. The supply level still remains at the average level of recent years. Global corn production in 2023/24 is estimated to be around 6% higher than in the previous year. However, the increase in consumption is only expected to be around 4%. This results in an increase in inventories by around 11 million t to 286 million t. The supply range remains unchanged at 85 days. In this case too, the supply situation is in the multi-year average range. The remaining 12% grain amounts (excluding rice) change only insignificantly. The rice market itself remains almost at the same level.
