The forecast for global grain production has been raised by 2%, while consumption has increased by 3 million tons. Grain reserves at the end of the season will be reduced.

Global grain production in the current season is expected to reach 2,310 million tonnes, which is a 2% increase compared to the previous season. This increase is mainly due to higher estimates for corn production (1,234 million tonnes). The forecast for global grain consumption has also been revised upwards to 2,317 million tonnes. The ending stocks of grain for the 2023/24 year are projected to decline to 589 million tonnes.

16 February 2024

The International Grains Council (IGC) has increased its forecast for global grain production in the current season (July-June) by 3 million tonnes to 2,310 million tonnes, which is 2% higher than the previous season. The increase in the forecast was influenced by a revision in the estimate for corn, which is now projected to reach 1,234 million tonnes, up 4 million tonnes. Taking into account the increased production of industrial and feed corn, the forecast for global grain consumption has also been raised by 3 million tonnes to 2,317 million tonnes. In the previous season, this figure stood at 2,270 million tonnes. With lower beginning stocks, the carryover grain inventory at the end of 2023/24 is expected to decrease by 1 million tonnes compared to the previous season, reaching 589 million tonnes.

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