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FAO trims wheat forecast for 2024!

03/05/2024

Rome – The benchmark for world food commodity prices edged higher in April, as rising meat prices and modest upticks for vegetable oils and cereals more than offset decreases for sugar and dairy products, the Food and Agriculture Organization of the United Nations (FAO) reported Friday.

2024 wheat forecast trimmed

FAO also released a new Cereal Supply and Demand Brief, slightly raising its forecast for the world total cereal production in 2023 to 2 846 million tonnes, a 1.2 percent increase from the previous year. The revision primarily reflects new information from Myanmar and Pakistan.

The forecast for world cereal utilization was increased to 2 829 million tonnes, mostly reflecting higher than previously anticipated feed use of maize and barley. Global maize utilization is now expected to rise 1.6 percent over the year, while that for wheat rises by 1.9 percent and that for rice dips mildly.
World cereal stocks are forecast to end the 2024 seasons at 890 million tonnes, a 2.1 percent increase from the outset of the year, pointing to a worldwide cereal stocks-to-use ratio of 30.9 percent.

FAO also adjusted its forecast for global wheat production in 2024, now standing at 791 million tonnes, less than previously expected but still marking an increase of 0.5 percent from 2023.

For coarse grain crops, the main harvest period begins soon in southern hemisphere countries, and recent adverse weather conditions have curbed yield prospects in leading producer countries, notably Brazil and South Africa

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