The International Grains Council’s first full projections for 2023-24 indicate an increase in total world grains production but tighter ending stocks.
Released Thursday, the IGC’s monthly Grain Market Report pegged total new-crop wheat and coarse grain output at 2.283 billion tonnes, up 1% from the forecast for 2022-23 but still down from 2.291 billion in 2021-22. However, assuming an increase in demand, ending stocks are nonetheless seen tightening 6 million tonnes or 1% year-over-year to 580 million.
Global wheat production in 2023-24 is projected at 787 million tonnes, compared to 801 million for the current year and 781 million in 2021-22. At 279 million, new-crop wheat ending stocks are expected down from 286 million in 2022-23 but up from 275 million in 2021-22.
For corn, the 2023-24 world crop is forecast at 1.202 billion tonnes, versus 1.15 billion for this year and 1.22 billion in 2021-22, while ending stocks are seen rising to 261 million from 256 million in 2022-23 but still below the 2021-22 level of 281 million.
The IGC is estimated new-crop global soybean production at 399 million tonnes, up from 370 million and 356 million the previous two years. At 56 million tonnes, projected 2023-24 world soybean ending stocks are up 10 million tonnes from both 2022-23 and 2021-22.
