Global grain harvest hits record highs, but balance remains fragile, IGC says
In Ukraine, UkrAgro Consult reported that global grain production is set to reach record levels for the third consecutive year, but the market remains vulnerable to weather and logistical disruptions. This was stated by senior economist Alexander Karavaitsev of the International Grains Council during the 20th International Congress and Exhibition TUSAF in Antalya. According to him, global output will increase by about 130 million tons year-on-year — the largest annual rise in the past 12 years.
Speaking at the session “Finding a New Balance in Global Grain Markets,” the expert noted that total grain production will grow by around 6% compared to last season. He compared the increase to “adding another Russia” to global supply. The IGC estimates corn production at approximately 1.3 billion tons and wheat at about 850 million tons, both record levels.
After three years of deficit, the global market is returning to surplus, with production expected to exceed consumption for the first time in four years. This will allow global ending stocks to rise to their highest level in six years, approaching pre-pandemic levels. A significant share of the wheat production increase is coming from key exporters such as Argentina, Canada, and the European Union, according to the report.
Category: Food & Agriculture
