IGC forecasting record global grain production and consumption

The International Grains Council (IGC) is forecasting record global grain production and consumption for the 2024-25 marketing year, while ending stocks are forecast at a 10-year low.

The report, published on September 18, put total grain production (wheat and coarse grains) at 2.315 billion tonnes and consumption at 2.325 billion tonnes. Ending stocks are forecast to fall to 581 million tonnes, the lowest since 2014-15.

The records are forecast even as the IGC forecasts slight declines in maize and wheat output to 1.224 billion and 798 million tonnes, respectively.

World grain trade is expected to fall to its lowest level since the 2020-21 season, when 396 million tonnes were shipped, the IGC said.

"Reduced import requirements in Asia and Europe are reflected in a forecast contraction of 7% in world trade to 421 million tonnes," the IGC said.