Global cereal production will reach a new record in the 2023/2024 crop year thanks to strong corn harvests in the US and soybean harvests in Brazil, the International Grains Council (IGC) has forecast.
It estimates total cereal production of 2.297 billion tons in 2023/2024, compared with 2.259 billion tons in 2022/2023 and 2.295 billion tons in 2021-2022.
Wheat will produce 784 million tons, corn 1.22 billion tons, rice 527 million tons and soybeans 400 million tons, according to the IGC forecast.
“Cereal consumption could increase by 2 percent and also reach a record high, given rising demand for cereals in food, feed and industrial uses,” the organization said in its review.
IGC estimates that cereal consumption will reach 2.306 billion tons in the 2023/2024 crop year.
