IGC corrects world grain estimate

Oct. 2024: IGC updates world grain estimate

In its latest Oct. 24 estimate, the International Grains Council (IGC) has reduced global grain production slightly compared to the previous month to 2,315 million tons. Global consumption is estimated to be even higher at 2,328 million tons. Ending stocks are calculated at 584 million tons (previous year 596 million tons). The supply figure falls to 25.0% final stocks to consumption. Compared to the previous year (25.7%), the world grain supply in 2024/25 is weaker in terms of the supply figure.

Excluding China, the supply is significantly tighter at 14.1% (previous year: 14.8%). China does not provide any grain for the world market.

The IGC now estimates global wheat production at around 798 million tons, almost unchanged from the previous month. Minor reductions compared to the previous month were made for Argentina, Australia, the EU-27 and the USA. In contrast, the results for India are slightly higher.

Wheat consumption is classified higher at 804 million tons. As a result, stocks are only slightly down on the previous month's estimate. In a year-on-year comparison, however, there is a shortfall of around 7 million tons or 2.5%.

The IGC now estimates global maize production at around 1,224 million tons, similar to the previous month. Consumption of 1,231 million tons was raised slightly. This results in a final stock level of 278 million tons (previous year 286 million tons). The supply figure fell to 22.6% of final stocks to consumption, which is below the average of recent years.

The remaining grain volume is forecast to rise slightly to 294 million tons of production and consumption is also expected to increase to 293 million tons.

Comparison of estimated results