World Cereal Production Projected To Reach Record High In 2023/24: FAO

World Cereal Production Projected To Reach Record High In 2023/24: FAO
World Cereal Production Projected To Reach Record High In 2023/24: FAO

Wednesday, 11 July 2023, Bengaluru, India

FAO increased its worldwide cereal output prediction for 2023 to 2 819 million tonnes, representing a 1.1% rise over the previous year. The higher prediction reflects stronger global wheat production expectations, now pegged at 783.3 million tonnes, thanks to improved outlooks in numerous countries, including Canada, Kazakhstan, and Turkey. However, worldwide wheat production is expected to fall 2.3 percent short of last season’s output.

The global coarse grain production for 2022 is expected to be 1.512 billion tonnes, a 2.9% rise over 2022. Furthermore, global rice output is predicted to rise to 523.7 million tonnes in 2023-2024, a 1.2% increase over the lower level of 2022-2023.

The rise in coarse grain utilisation, particularly maize for animal feed, will drive the expected 0.9% increase in global cereal utilisation to 2 805 million tonnes in the upcoming season.

By the end of the 2023–2024 seasons, the FAO forecast for global cereal stockpiles increased to 878 million tonnes, or around 2.3% more than the prior season. The worldwide cereal stocks-to-use ratio, now at 30.6%, would remain unchanged, “indicating comfortable supply prospects in the new season.”

According to the FAO’s most recent prediction, the global trade in cereals will likely shrink by 0.9% during 2022–2023, with wheat volume expected to be down from historic highs. Food shortages in vulnerable nations are made worse by high food prices.

Food security issues are becoming more acute worldwide due to high food costs, economic downturns, conflict, droughts, and the looming threat of El Nino weather patterns in numerous places. The most recent Crop Prospects and Food Situation report, a quarterly publication by FAO’s Global Information and Early Warning System (GIEWS), also published, estimates that 45 nations worldwide require food aid from outside.

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High domestic food prices cause concerns about levels of hunger. This metric deviates from the FAO Food Price Index in most of the 45 nations, 33 of which are in Africa, 9 in Asia, Haiti, Ukraine, and Venezuela.

The survey stated that while global grain output is anticipated to increase by 1.1% in 2023 compared to the previous year, it is anticipated to decrease in the 44 Low-Income Food Deficit Countries (LIFDCs), which will increase import requirements.

The quarterly study provides in-depth details on pricing changes and people’s actual experiences with food insecurity in the impacted nations. Additionally, it offers a thorough analysis of global commerce and regional production prospects.

[Source of Information: timesofoman.com]

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