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FAO Released the First Estimates of the World Grain Production

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According to the first preliminary forecasts of analysts of the Food and Agriculture Organization of the United Nations ( FAO ), the volume of world grain production in 2023/24 MY may increase by 1% compared to the previous season and reach 2.813 billion tons (including rice in flour equivalent). This was reported by the FAO press office.

“In the case of key crops, the main growth will provide an increase in the production of corn, and partly – rice and sorghum. The production of wheat and barley may decrease compared to 2022, partially offsetting the above-mentioned growth,” the report specifies.

It is also noted that according to the first forecast of FAO, the volume of consumption of cereals in the season 2023/24 will amount to about 2.803 billion tons, which is 0.9% higher than the expected indicator of the current season, and this increase will be almost entirely due to the projected increase in consumption of coarse grains.

Based on FAO’s initial projections of global cereal production and consumption, inventories in 2023/24 MY could rise 1.7 percent to a record 873 million tons. Among the major crops, rice and barley are expected to show the greatest increase in stocks. At the same time, wheat and sorghum stocks are likely to be below their early-season levels.

“According to expectations, the volume of trade in grains in the world next season will remain at the level of 2022/23 MY and will amount to 472 million tons. At the same time, the projected increase in trade volumes of coarse grains and rice in the world will be partially offset by a decrease in trade volumes of wheat,” – clarified the FAO.

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