MUMBAI, 18 July (Commoditiescontrol): The International Grains Council (IGC) has revised its forecast for global grain production for the 2024/25 season upward by 9 million tons, bringing the total to 2.321 billion tons. Despite this increase, grain stocks are expected to fall to a 10-year low as consumption is projected to reach record highs.
In its monthly update, the IGC reported that global grain consumption is anticipated to surpass production, with a projected total of 2.324 billion tons. The increased demand is driven by higher consumption in feed, food, and industrial sectors.
"With feed, food, and industrial consumption expected to increase further, to record highs, a 1% retreat in stocks is envisaged at the end of 2024/25, to a 10-year low of 586 million tons," the IGC stated.
Significant upward revisions were made for the 2024/25 world wheat crop, which is now forecasted to reach 801 million tons, an increase of 8 million tons. The United States saw its wheat production outlook raised to 54.7 million tons from 51 million, Canada to 35.8 million from 34.6 million, Kazakhstan to 15 million from 13 million, and Pakistan to 31.4 million from 29 million.
The IGC also raised its forecast for global corn production by 2 million tons, bringing the total to 1.225 billion tons. The United States contributed significantly to this increase, with its corn production forecast revised upward to 379.2 million tons from 374 million tons previously. However, this gain was partially offset by reduced prospects in the European Union, where corn production is now projected at 63.1 million tons, down from the previous forecast of 64.9 million tons.
The revised forecasts underscore the growing demand for grains and the challenges in maintaining sufficient stock levels to meet this demand. The anticipated decline in grain stocks to a 10-year low highlights the importance of strategic planning and management in the global agricultural sector to ensure food security in the face of rising consumption.
(By Commoditiescontrol Bureau; +91 98201 30172)
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