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In the New Year article of the International Grains Council (IGC), it is reported that the forecasted global grain production for the agricultural year 2023/2024 increased by 3.3 million tonnes to reach 2 billion 295.4 million tonnes. Wheat production also increased to 786.6 million tonnes, which is 1.7 million tonnes more compared to the previous forecast in October.
Russia
- It is forecasted that grain production in Russia for the current agricultural year (July 2023-June 2024) will increase from 130.2 million to 132.6 million tonnes. The wheat harvest forecast also increased to 90 million tonnes, compared to 89 million tonnes forecasted in the previous review.
- The International Grains Council also raised its estimate for grain exports from Russia, which is forecasted to be at 60.6 million tonnes, up by 1.4 million tonnes compared to the previous forecast. Wheat exports also increased by 1 million tonnes and are estimated at 50.1 million tonnes.
European Union
- Experts slightly increased the forecast for grain production in the European Union to 268.7 million tonnes (+100 thousand), and also raised the wheat production forecast from 132.4 million to 133.2 million tonnes.
- However, the estimate for grain exports was reduced by 1.4 million tonnes to 48.7 million tonnes (compared to 50.1 million tonnes in the previous report), and the estimate for wheat exports is also lower - 34.8 million tonnes compared to 36.1 million tonnes.
Kazakhstan
- Forecasts for grain and wheat production in Kazakhstan have been revised downward to 15.9 million tonnes (-600 thousand) and 12 million tonnes (-500 thousand), respectively.
- It is expected that grain exports will remain unchanged at 10 million tonnes, with 9 million tonnes accounting for wheat.
Ukraine
- The forecast for grain and wheat production in Ukraine has been significantly increased. The total grain harvest is expected to reach 65.2 million tonnes (compared to 63.1 million tonnes in October), and wheat production will increase from 27.4 million to 28.7 million tonnes.
- Grain and wheat exports are also increasing this season by 500 thousand tonnes to 33.5 million and 13 million tonnes, respectively.
- It is forecasted that the corn harvest will be 28.8 million tonnes (+800 thousand), with exports remaining at the same level - 18 million tonnes.
