World wheat production in 2024 is expected to grow by 1% from the previous year, but will fall short of the record output in 2022, according to a report by the UN's Food and Agriculture Organization (FAO).

Russia has a major share of the projected global wheat production of 797 million tonnes, according to the FAO, with the growth due to favorable weather conditions.

The FAO noted that in the United States and Canada, two of the world's largest wheat producers, acreage has decreased, but expected yields will increase due to improved weather conditions. The forecast pegs U.S. wheat production in 2024 at 51.5 million tons, which would be above the five-year average and last year's total. Canada, meanwhile, is expected to harvest 33 million tonnes in 2024 despite a 2% contraction in wheat acreage.

In China, strong domestic demand and an increase in the minimum purchase price are driving the expected increase in production. Growth is also forecast in Pakistan, where production is expected to increase to 28.3 million tonnes in 2024.

India was expected to produce a near-record crop this year, but recent rain and hailstorms in key production areas just before harvest dampened expectations for the country's wheat crop despite increased acreage.

As wheat planting was disrupted by heavy rains in several of the European Union's key wheat-producing countries, notably France and Germany, EU production in 2024 is expected to fall slightly to 133 million tonnes, the FAO report said .