LONDON, ENGLAND — With tighter opening stocks and reduced production estimates, the International Grains Council (IGC) further decreased its 2023-24 global grain inventories by 6 million tonnes.
“Cumulative ending stocks are placed at 582 million tonnes, 2% lower than the season before and the smallest in nine years,” the IGC said in its October Grain Market Report. “Much of the fall reflects tighter wheat inventories, including drawdowns in China, India and the key exporters.”
Total grain production estimates decreased in the month by 2 million tonnes to a total of 2.292 billion. Larger corn (maize) and sorghum crops outweighed declines for wheat, barley and oats, the IGC said.
With heavy Southern Hemisphere harvests, global soybean output is expected to reach 393 million tonnes with record consumption linked to solid gains in the three majors.
World rice production could reach a peak in 2023-24 with potentially larger main crops in Asia and the Americas, the IGC said.
“World trade is projected to contract further in 2024, mainly on softer buying by Asian importers,” the IGC said. “On the exporter side, Indian shipments are expected to fall markedly to a four-year low.”
