The world cereal market is marked by record forecasts for the 2023-2024 season, according to UNIDO's new Global Economic Outlook 2024 report. Cereal production is expected to reach 2,847 million tons, which is 1.2% higher than the previous period. This increase is mainly due to an increase in the production of corn, which compensated for the reduction in the volumes of sorghum and wheat.

Between July 2023 and June 2024, cereal consumption is also expected at 2,836 million tonnes, representing an increase of 1.6% compared to the previous season. A particular increase in consumption is observed in the category of fodder grains and wheat used for feed purposes. At the same time, a slight reduction in rice consumption is noted.

At the end of the season, grain stocks are expected to reach the level of 884 million tons, which is 1.4% higher than at the beginning of the season. This increase is due to an increase in stocks of fodder grains and rice, although there is a decrease in wheat stocks in the world.

In connection with the growth of feed grain trade, it is expected that the volume of international grain trade in the 2023-2024 season will increase by 1.7% and amount to 487 million tons. However, wheat and rice trade volumes will remain lower compared to the previous season.

According to forecasts for the next season of 2024-2025, the situation with supply and demand for grain in the world will remain at an acceptable level. Cereal production by global producers is expected to decline slightly to 2,846 million tonnes, including rice in flour equivalent.