World News| FAO: Cereal production expected to hit record high in 2023/24

Rome [Italy]9 July (ANI/WAM): World cereal production in 2023/24 is expected to hit a record high, according to the latest cereal supply and demand briefing released today by the Food and Agriculture Organization of the United Nations (FAO).

FAO raised its forecast for global cereal production in 2023 to 2.819 billion tons, an increase of 1.1% over the previous year.

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The higher forecast almost entirely reflects better prospects for global wheat production, now forecast at 783.3 million tonnes, driven by improved prospects in several countries, including Canada, Kazakhstan and Turkey. However, global wheat production is expected to remain 2.3 percent below last season’s production,

Global coarse grain production is now projected to grow by 2.9% in 2022 to 1,512 million tonnes. Likewise, world rice production in 2023/24 is projected to increase by 1.2 percent from the reduced level in 2022/23 to 523.7 million tonnes.

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World cereal use in the coming season is projected to increase by 0.9 percent to 2 805 million tonnes due to projected increases in the use of coarse grains, especially maize for animal feed.

FAO raised its forecast for world cereal stocks by the end of the 2023/24 season to 878 million tonnes, about 2.3 percent higher than the previous season. At this level, the global cereal stocks-to-use ratio would remain unchanged at 30.6 percent, “pointing to a favorable supply outlook for the new season”.

FAO’s latest forecast for world cereal trade in 2023/24 shows that world cereal trade volumes in 2023/24 could shrink by 0.9% compared to 2022/23, with wheat production expected to decline from record levels.

High food prices worsen food situation in fragile countries

High food prices, economic recession, conflict, drought and the risk of looming El Niño weather patterns in some regions are exacerbating food security problems in many parts of the world. According to the latest quarterly Crop Prospects and Food Situation report released today by FAO’s Global Information and Early Warning System (GIEWS), a total of 45 countries around the world have been assessed as needing external food assistance.

A different measure than the FAO Food Price Index, high domestic food prices contributed to worrying levels of hunger in most of the 45 countries, including 33 in Africa, 9 in Asia and Haiti, Ukraine and Venezuela.

While world cereal production in 2023 is expected to rise by 1.1% from the previous year, production in 44 low-income food-deficit countries (LIFDCs) is expected to shrink, pushing up import demand, the report said.

The quarterly report provides detailed information on food insecurity and price trends faced by local people in the affected countries. It also provides a detailed assessment of regional production and trade prospects around the world. (ANI/WAM)

(This is an unedited and auto-generated story from a syndicated news feed, the latest staff may not have modified or edited the body of content)