Global wheat production in 2024 will increase by 1%

According to the UN Food and Agriculture Organization (FAO), global wheat production in 2024 will increase by 1% compared to the previous year, but will not reach the record level of 2022.

The FAO noted that in the US and Canada, planted area fell, but expected yields increased due to improved weather conditions. The FAO forecasts that U.S. wheat production will be 51.5 million tons in 2024, above the average of the past five years and above last year's total. Canada is forecast to harvest 33 million tonnes in 2024, despite a 2% reduction in wheat plantings.

The FAO's forecast for global wheat production of 797 million tonnes includes Russia, where a slight increase is expected due to favorable weather conditions; China, where high domestic demand and an increase in the minimum purchase price contributed to the expansion of planting areas; and Pakistan, which is expected to increase production to 28.3 million tons in 2024.

India was expected to reap a near-record wheat harvest this year, but recent rains and hail in key producing areas just before harvest have lowered expectations.

Wheat crops were hit by heavy rains in several key EU producing countries, especially France and Germany, so EU production is expected to fall slightly to 133 million tonnes in 2024. A similar situation is expected in the United Kingdom.