The International Grains Council (IGC) has projected that global grains production will reach a new record in the 2023/24 season, driven by strong growth in U.S. corn and Brazilian soybeans. In its monthly report, the IGC forecasts total grains production to reach 2.297 billion metric tons next year, surpassing the 2.259 billion tons produced in 2022/23 and breaking the previous record of 2.295 billion tons set in 2021/22.
According to the IGC, wheat production is expected to reach 784 million tons, corn production at 1.22 billion tons, rice production at 527 million tons, and soybean production at 400 million tons. The significant growth in corn production in the U.S. and soybean production in Brazil is contributing to the rise in overall stocks, the IGC stated.
Consumption and Stocks
In addition to record production, consumption is also expected to reach a new high of 2.306 billion tons in the 2023/24 season. The IGC anticipates increased demand across various sectors including feed, food, and industrial uses. The carryover stocks at the end of the season are projected to be at 581 million tons.
The positive outlook for global grains production and consumption indicates a robust and thriving market in the coming year.