Oct. 2023: USDA updates world grain harvest 2023/24: lower than previous month In its latest monthly edition Oct.-23, the US Department of Agriculture revised the estimates of the world grain harvest 2023/24 slightly downwards compared to the previous month. The total harvest is now estimated at 2,278 million tonnes; This is slightly less than expected in the previous month, but is still around 40 million tonnes higher than in the previous year. Global consumption is estimated at 2,276 million tonnes, also slightly lower than estimated in Sep-23. However, compared to the previous year 2022/23, the result is 23 million t larger. The accounting for the 2023/24 harvest year results in a global final stock of 596 million t, which is lower than in the previous month, but is still above the previous year. The supply figure is calculated at 26.2% of final inventory to consumption (including China) and is only slightly below the previous year. The supplies last almost unchanged for almost 96 days. In the case of the global wheat market , a lower production of 783 million tonnes is assumed.Compared to the previous month, further cuts were made in Australia, Kazakhstan and Azerbaijan, while the US wheat harvest was increased by around 2 million t to 49 million t. The numbers for the other growing areas remain largely unchanged. Global wheat consumption will fall slightly to 793 million tonnes. The main decline is in the feed sector. Overall, the final inventory of 258 million t changes only insignificantly compared to the previous month's calculation, but is around 9 million t well below the previous year's level. The supplies last for 119 days (previous year 123 days, previous year 125 days). Corn production at world level is largely unchanged from the previous month at 1,214 million t, but is significantly higher than the previous year at 1,155 million t. Only the US corn harvest had to be reduced by 2 million t to 382 million t compared to the previous month. The results in the other growing regions were largely unchanged from the previous month. Global corn consumption is rising again to 1,200 million t (previous year 1,167 million t, previous year 1,201 million t).The final inventory including China is estimated at a slightly lower 312 million t, without China it is only 110 million t. The range is 95 days or 90 days (excluding China). 
Despite the different survey methods used by the individual institutes, the results become more similar as the harvest progresses.But not all harvests are under cover yet.
