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United Nations predicts record levels of grain stocks

According to the analysis, global grain stocks are presumed to total 884 mln tons at the end of the 2024 season, which is 3% more than the level at the start of the season

© AP Photo/Matthias Schrader

ROME, October 6. /TASS/. The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production in 2023 to 2.819 bln tons to 0.9% from last year.

According to the organization's statement, the key cause for this increase was updated, more positive crop projections in Russia and Ukraine against the backdrop of ongoing favorable weather conditions. This compensates for a severe worsening in the Canadian output forecast caused by protracted drought in the country's primary agricultural regions.

According to the analysis, global grain stocks are predicted to total 884 mln tons at the end of the 2024 season, which is 3% more than the level at the start of the season and will be a record figure.

At the same time, the global grain consumption prediction for the 2023-2024 season has been lowered downward. It is, however, a 0.8% increase over the 2022-2023 season due to the predicted rise in wheat food consumption and a decrease in wheat use for feed purposes.

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