WILLAGRI
For the 2024/2025 season, the global cereal harvest is expected to reach 2.33 billion tons. This is according to the latest outlook from the International Grains Council (IGC), setting a new record for the cereal market which had already recorded a historically high volume the previous year (2.30 billion tons).
In detail, the corn supply is expected at 1.23 billion tons, mainly due to Brazil and China, whose year-over-year production increases are expected to partially offset the underperformance of the USA. Meanwhile, wheat production is projected to be at 799 million tons, up from 789 million tons, driven by abundant harvests in Australia and Argentina.
More broadly, this situation should contribute further to the ongoing decline in cereal prices since the beginning of this year. Last week, wheat futures in Chicago dropped to their lowest level since 2020.
Source : Ecofin Agency