Global cereal production is expected to reach an unprecedented level in 2023/24

According to the latest forecast, there is a 2.9% expected increase in global coarse grain production compared to 2022, reaching a total of 1,512 million tonnes. Additionally, rice production for 2023/24 is projected to rise by 1.2% compared to the reduced level in 2022/23, reaching 523.7 million tonnes.

Anticipated to rise by 0.9% in the upcoming season, world cereal utilization is projected to reach 2,805 million tonnes, primarily due to increased usage of coarse grains, with a particular emphasis on corn for feed purposes.

FAO has increased its projection for global cereal reserves at the close of the 2023/24 season to 878 million tonnes, representing a rise of around 2.3% compared to the previous season. Should this figure be confirmed, the ratio between global cereal reserves and utilization would remain steady at 30.6%, signifying “favorable supply prospects for the new season.”

FAO’s latest projection for global cereal trade in 2023/24 indicates a likely contraction of 0.9% compared to 2022/23, with a decline in wheat volumes from the record levels recorded.

Source https://www.fao.org/