FAO – Crop Prospects and Food Situation, Mar 2024

The FAO's latest report on global cereal supplies in March 2024 shows a favorable outlook for wheat production in 2024, with an increase in the forecast for world cereal production in 2023 by 1.1 percent compared to the previous year. This growth is primarily driven by a substantial increase in maize output in countries such as Brazil, China, and the United States. Despite a slight decrease in global wheat output, the forecast for world maize production has been raised. Additionally, the forecast for global cereal utilization in 2023/24 has increased, mainly due to higher feed use of maize in countries like Algeria and India. The forecast for global coarse grain utilization has also been raised, while world rice utilization is expected to see little to negative growth. Furthermore, the forecast for global cereal stocks ending in 2024 has been raised, indicating a comfortable global supply situation. Global coarse grain stocks are expected to increase, led by higher estimates for maize stocks in China. Although global wheat stocks have been lowered slightly, rice stocks are forecast to reach an all-time high, with accumulating stocks in exporting countries like India.