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Record cereal output in 2023
03.02.2024 09:59 "Agro Perspectiva" (Kyiv) —
World cereal production in 2023 is seen on track to hit an all-time record high of 2 836 million tonnes — up 1.2 percent from 2022, according to new forecasts in the latest Cereal Supply and Demand Brief, also released today. The global coarse grain output is now pegged at an all-time high of 1 523 million tonnes, following a 12-million-tonne upward adjustment this month. The bulk of the revision reflects new official data from Canada, China (mainland), Türkiye and the United States of America, where a combination of higher yields and larger harvested areas than previously expected has led to higher maize production estimates. World cereal utilisation in 2023/24 is now forecast at 2 822 million tonnes, up 8.9 million tonnes from the December forecast and surpassing the 2022/23 level by 1.2 percent, led by greater-than-earlier anticipated feed use, especially in the European Union as well as in Australia and the United States of America. Consequently, the 2023/24 global cereal stocks-to-use ratio is forecast at a comfortable level of 31.1 percent, exceeding the 2022/23 level of 30.9 percent. Global trade in cereals in 2023/34 is now forecast to reach 480 million tonnes, up by 0.8 percent from the preceding year, led mostly by larger traded volumes foreseen for coarse grains while world trade in wheat and rice could actually contract.
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