FAO FORECASTS RECORD CEREAL OUTPUT
Global cereal production this year is forecast to reach a record 2.81 billion tonnes, according to the Food and Agriculture Organization released on Nov. 3. Higher projected coarse grain production in China and most of West Africa and lower forecasts for the United States and the European Union. Wheat output forecasts were raised for Iraq and the United States and revised downward for the European Union and Kazakhstan. World rice production in 2023-24 is forecast to increase marginally year-on-year.
World cereal utilization in 2023-24 is forecast to reach 2.810 million tonnes, the total utilization of wheat and coarse grains set to surpass 2022-23 levels while rice utilization is expected to stagnate at the previous season’s level. According to the FAO, the world cereals stocks-to-use ratio for 2023-24 is forecast to stand at 30.7%. Global trade in cereals in 2023-24 is forecast at 469 million tonnes, a 1.6% contraction from the preceding year. The FAO also noted that persisting and intensifying conflicts are aggravating food insecurity, and moderating international food commodity prices are being countered by weak currencies in many low-income countries.
(Link: WorldGrain)
FOCUS ON IRAN
The USDA estimates 2023 production at 20.4 million tonnes. Wheat is by far Iran’s largest crop with production estimated at 14 million tonnes in 2023, up from 13.2 million tonnes last year. Barley is the second most widely grown crop with production estimated at 3 million tonnes in 2023-24. Rice production is estimated at 1.9 million tonnes, down slightly from 2 million tonnes, while corn (maize) is estimated at 1.4 million tonnes, the same as last year’s harvest. Iran produces a small amount of soybeans, rapeseed, and sunflower with combined forecast production of 528,000 tonnes in 2023-24.
There has been an upward trend in the import and export of agricultural products, according to the Tehran chamber. Iran exported 23.7 million tonnes of agricultural products in 2021 and imported 8.8 million tonnes. Top imports included corn at 9.9 million tonnes, wheat at 3.3 million tonnes, soybeans at 2.1 million tonnes, barley at 1.9 million tonnes, and soybean meal at 1.8 million tonnes.
(Link: WorldGrain)
