World grain trade volume in 2023–2024 is forecast at 468 million tons

In December, FAO raised its forecast for wheat exports from Turkey and Ukraine. At the same time, exports from Argentina, Brazil and the European Union have decreased.

The organization's forecast for global grain production in 2023 was raised by 3.6 million tons in December, driven by improved prospects for wheat production and, partly, coarse grains. Wheat production is forecast at 787 million tons, 2.1% (17.1 million tons) lower than a year earlier.

It is expected that the volume of grain consumption in the world this season will be about 2 billion 813 million tons, which is 1.1% higher than the 2022-2023 season. The forecast for wheat consumption has been increased to 791.4 million tons.

The forecast for world grain reserves at the end of 2024 was raised to a record 886.5 million tons - 2.7% higher than the level at the beginning of the season. Including the forecast for wheat reserves increased to 319.3 million tons (0.2% higher than the level at the beginning of the season). The ratio of the volume of grain reserves in the world to their consumption in the 2023-2024 season may be 30.8%, practically unchanged compared to the previous season, which corresponds to a fairly comfortable level, the forecast notes.