ROME: The Food and Agriculture Organisation of the United Nations (FAO) released a new Cereal Supply and Demand Brief on Friday, raising its forecast for world cereal production in 2023/24 to 2 841 million tonnes, reflecting expectations of greater outputs of maize, rice and wheat.
Global cereal utilization in 2023/24 is pegged at 2 828 million tonnes, a 1.3 percent increase from the 2022/23 level. World cereal stocks are forecast to end the 2024 seasons at 894 million tonnes, a 2.3 percent increase from the outset of the year, pointing to a worldwide cereal stocks-to-use ratio of 31.0 percent.
World trade in cereals is forecast to rise 1.7 percent from the previous year to 485 million tonnes in 2023/24. International trade in coarse grains is expected to expand from 2022/23, while wheat and rice trade will likely contract.
FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tonnes, marking a 1.0 percent increase from 2023.
For coarse grain crops, sowing will be
gin soon in the northern hemisphere, while harvests have already begun south of the equator. While Argentina’s output is expected to rebound after the drought-impacted outturn of 2023, smaller outputs are expected in Brazil and across Southern Africa.
Source: Emirates News Agency