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Informist, Friday, Jan. 17, 2025

 

MUMBAI – The International Grains Council has cut its projection for global grain output in 2024-25 by 7 million tonnes to 2,305 million tonnes, according to the global body's January market report released Friday. 

 

The council has scaled up its estimate for global grain consumption by 4 million tonnes to 2,335 million tonnes due to an increase in feed, food, and industrial uses. Ending stocks are expected to be lower from the previous estimate by 3 million tonnes at 573 million tonnes due to drawdowns for maize and barley, the council said.

 

The global body has also increased its projection for rice production in 2024-25 by 2% to 535 million tonnes due to larger crop production in India. "With population growth set to underpin food demand, total use is set to reach a fresh high, with modest inventory accumulation also anticipated, including a solid expansion of India's reserves," it said. Global import demand is predicted to increase 1% on year, as larger shipments to Africa more than offset smaller deliveries to Asian markets. However, India's target for rice production in 2024-25 is 136.3 million tonnes, much lower than the global body's forecast.

 

The council has also slightly increased its estimate for rice exports from India to 21.4 million tonnes from 21.1 million tonnes a month ago. It expects world import demand for rice to reduce to 56.3 million tonnes from 55.9 million tonnes.

 

Meanwhile, the projection of global wheat output is unchanged at 796 million tonnes. Based on information on sown areas and weather conditions in major cropping regions, global wheat output is tentatively seen rising to a record 805 million tonnes in 2025-26. 

 

SOYBEAN
"With increased outlooks for South American and Asian growers more than offsetting a reduced US crop estimate, the forecast for 2024-25 world soybean output is lifted slightly from before, to a peak of 420 million tonnes," the council said. The consumption of soybean is seen at 408 million tonnes, higher than 384.8 million tonnes a year ago.  End

 

Reported by Anjali Lavania

Edited by Subhojit Sarkar

 

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