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What production is expected in the world?

Какво производство се очаква в света?

The International Grains Council (IGC) in its monthly grain market report published an upward revision for global maize production in the 2023-24 marketing year, including growth in industrial feed use.

The report, released on February 15, raised forecast maize production by 4 million tonnes to a record 1.234 billion tonnes, which would be a 6.1 percent increase over 2022-23 production.

Maize consumption was also revised upwards by the IGC to a record 1.222 billion tonnes, up 47 million tonnes from the previous year. Carry-over stocks are expected to rise to 288 million tonnes, a nearly 5% increase from 2022-23.

Meanwhile, world wheat production for 2023-24 is expected to be 788 million tonnes, unchanged from the previous forecast and down nearly 2% from last year.

The IGC wheat consumption forecast was almost unchanged from the previous month at 803 million tonnes, which would be a record. Wheat carryover stocks for this year were revised down to 265 million tonnes, which would be the lowest level in five years.

Led by a recovery in production in Argentina, global soybean production for 2023-24 was pegged at a record 391 million tonnes by the IGC, almost unchanged from the previous month.

The IGC Grains and Oilseeds Price Index fell 7% from January to its lowest level since October 2020. The price index is 26% lower than this time last year. The corn price index is 38% lower than in February 2023, while soybeans and wheat are down 29% and 26% year-over-year, respectively.

On the other hand, Strategie Grains lowered its forecast for the production of soft wheat in 2024 in the European Union.

The agency forecast production at 122.6 million tonnes, down from the 122.7 million forecast in January and 2.5% below last year's crop of 125.8 million tonnes.

The consultancy also cut its forecast for EU barley production this year to 53.1 million tonnes from 53.4 million tonnes forecast last month, still 12% above last year's level.

The EU maize crop forecast was raised to 64 million tonnes from 63.6 million tonnes last month, now up 4.6% from a year earlier.

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