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Rebound seen for global cereal output, with worldwide stocks set to hit record levels
02.06.2023 11:45 "Agro Perspectiva" (Kyiv) —
Early prospects for the 2023/24 season point to a likely 1.0 percent increase in global cereal production in 2023 to reach 2 813 million tonnes, according to FAO’s latest Cereal Supply and Demand Brief, also released today. The predicted increase rests on anticipated gains for maize, rice and sorghum, while wheat and barley outputs might fall below their 2022 levels. FAO’s first forecast for world cereal utilization in 2023/24 is now pegged at 2 803 million tonnes, up 0.9 percent from the 2022/23 level, mainly due to higher feed use, largely of maize, followed by growth in food consumption, especially of wheat and rice. Based on these initial forecasts, global cereal stocks in 2023/24 could rise by 1.7 percent above their opening levels and reach a record level of 873 million tonnes, while the world cereal stock-to-use ratio would decline marginally to 30.4 percent. World trade in cereals in the 2023/24 marketing season is forecast at 472 million tonnes, near the 2022/23 level, as increased traded volumes of coarse grains and rice (January-December 2024 trade for rice) are foreseen to offset an expected decline in global wheat trade. AGRO PERSPECTIVA offers Agro + «Ukrainian Grain & Oilseed Market» weekly analytical bulletin. Concerning subscription please contact: client@agroperspectiva.com or +380675964652 (WhatsApp, Viber, Telegram).
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