Global grain production in 2023-2024 will be the highest in history

The projected 2% year-on-year growth in global grain production is driven primarily by a strong increase in corn production, up nearly 6%. This growth is observed in China, Russia and Ukraine. At the same time, wheat production is projected to decline by 2% year on year.

In parallel with the increase in production volumes, consumption is expected to increase, which will lead to an additional decrease in global grain carry-over stocks. Consumption is expected to reach 2.314 billion tonnes, up nearly 2% year-on-year in 2022-23.

Despite a 5 million tonne month-on-month increase in carryover stocks, total global grain carryover stocks for the 2023-24 marketing year will be down (for the seventh year in a row) to 590 million tons, down from a recent peak of 658 million. tons in the 2016-17 marketing year.