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Informist, Friday, Jul 19, 2024

 

MUMBAI – The International Grains Council has raised its estimate for global grain output for 2024-25 by nine mln tn to 2,321 mln tn. IGC had in June estimated the global wheat and coarse grains output at 2,312 mln tn. The revision is based on the latest acreage estimates and improved yield prospects in some countries, IGC said in its report for July, released on Thursday. For 2023-24, the IGC has estimated global grain output at 2,299 mln tn.

 

Despite smaller estimated opening inventories and a modest increase in projected demand, the carry-over stocks have been raised by four mln tn to 586 mln tn. Consumption of grains in 2024-25 has now been estimated at 2,324 mln tn, up from the June estimate of 2,321 mln tn.

 

The world output of wheat is seen at 801 mln tn, up from 793 mln tn estimated earlier and 793 mln tn a year earlier. The consumption estimate for wheat has been raised to 802 mn tn from 800 mln tn in the previous month. The carry-over stocks have been revised up to 269 mln tn from 261 mln tn estimated earlier, the report said.

 

India's wheat production in 2023-24 is estimated at 110.6 mln tn, unchanged from the previous estimate. The Indian government has projected the country's wheat output in 2023-24 at 112.9 mln tn. For 2024-25, the council projects wheat production in India at 112.9 mln tn, unchanged from its June estimate.

 

The agency has estimated India's wheat exports in 2023-24 and 2024-25 at 300,000 tn each. Though the government banned wheat exports in May 2022 to control rising domestic prices, it sells wheat to a few countries to address food security concerns.

 

The global rice production estimate has been maintained at 528 mln tn whereas consumption has been marginally raised to 527 mln tn from 525 mln tn earlier. For 2023-24, the figures were 522 mln tn and 520 mln tn respectively.

 

The multilateral agency has kept India's rice production estimate for 2024-25 unchanged at 137.5 mln tn. India's rice production in 2023-24 is seen at 136.7 mln tn, unchanged from last month. The forecast for India's rice exports for 2023-24 and 2024-25 remained unchanged at 15.1 mln tn and 17.3 mln tn, respectively.

 

For maize, the output estimate for 2024-25 is at 1,225 mln tn, largely unchanged from 1,223 mln tn last month and 1,224 mln tn in the previous year. The consumption estimate stands revised to 1,230 mln tn from 1,228 mln tn a month ago and 1,222 mln tn last year.

 

The July report has estimated global soybean output in 2024-25 at 415 mln tn, unchanged from the June figure but sizeably up from 392 mln tn a year earlier. Consumption estimate stands at 404 mln tn, unchanged from a month ago, but up from 384 mln tn estimated for 2023-24.  End

 

Reported by Abhijit Doshi

Edited by Saji George Titus

 

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