Informist, Friday, Jun 28, 2024

NEW DELHI – The International Grains Council has projected global grain production in the 2024-25 season at 2,312 mln tn, unchanged from its estimate last month, the council said in its monthly report on Thursday. However, the council has revised grain production in 2023-24 to 2,300 mln tn, slightly higher than last month's estimate of 2,297 mln tn, on account of higher wheat output.

With little change in the grain consumption estimate, the larger supply is channelled into closing stocks at 582 mln tn, 3 mln tn higher than the previous estimate, the report said. Total trade is forecast at 416 mln tn, the same as last month, as a larger estimate for maize is balanced by cuts in the estimates for wheat and barley, it added.

Consumption in 2024-25 is seen at 2,321 mln tn, up 1 mln tn from the previous estimate, but 10 mln tn more than in 2023-24, the report said. The growth in consumption will push closing stocks lower for a third successive season to 582 mln tn, down from 591 mln tn last year.

The council has projected global maize production in 2024-25 at 1,223 mln tn, up from 1,220 mln tn projected last month. It has estimated maize production in 2023-24 at 1,225 mln tn, up slightly from 1,224.8 mln tn estimated last month.

WHEAT

Global wheat production is seen at 793 mln tn in 2024-25, down 2 mln tn from the previous estimate. The council has estimated global wheat production in 2023-24 at 793 mln tn, up from 790 mln tn estimated last month.

India's wheat production in 2023-24 is estimated at 110.6 mln tn, up from 108 mln tn in 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 at 112.9 mln tn, higher than its May estimate of 112 mln tn.

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

RICE

The organisation raised its estimate for global rice production in 2024-25 to 528 mln tn from 523 mln tn in May, due to higher output in South Asia. The council's rice production estimate for 2023-24 is 521 mln tn, up from 514 mln tn a month ago, due to upward revisions for India.

Rice consumption and trade in 2024-24 is estimated at 525 mln tn, up from 523 mln tn estimated in May. Meanwhile, rice trade in 2024-25 is seen at 52 mln tn, unchanged from the previous month's estimate.

The forecast for India's rice exports in 2023-24 was raised to 15.1 mln tn from 14.7 mln tn. The council scaled up the estimate for 2024-25 to 17.3 mln tn from 16.3 mln tn in May. It has projected India's rice production in 2024-25 at 137.5 mln tn from 133.0 mln tn in May. India's rice production in 2023-24 is seen at 136.7 mln tn from 129.3 mln tn, last month.

The International Grains Council has scaled up its forecast for overall soybean production in 2024-25 to 415 mln tn, up from 414 mln tn. It estimated soybean production in 2023-24 at 392 mln tn, slightly higher than its previous estimate of 391 mln tn. End

Reported by Afra Abubacker

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.