FAO raised the forecast of grain production to 2,627 billion tons
In a new report, the FAO forecast for world cereal production in comparison with the October balance increased from 13.4 million tonnes to 2,627 billion tons, mainly due to the growth of gross harvest of corn in the United States and a significant increase in acreage under maize in Indonesia.
according to the new forecast, the volume of world production of wheat will be 754,8 million tonnes, while global rice production slightly goes to the record in 2016 and will be 500,8 million tons.
Total cereal consumption for 2017 and 2018 will grow by 1.2% to 2,599 billion tons, With increased volumes of wheat and rice that will be directly consumed by man, and the larger the grain goes to fattening animals.
According to estimates by FAO, global cereal stocks will increase to a record 726 million tons In particular, record high levels will be wheat and corn.
Growth stocks will lead to an increase in the ratio of world stock levels and consumption of grain to 27.3% at the end of the 2017/18 season, will be the highest for the past 16 years.