FAO lowered its harvest forecast due to the heat that damaged crops in Ukraine, the EU and Mexico

This year, world grain production may drop to 2,851 million tons in 2023.

This is stated in the message of FAO analysts.

Drought has damaged crops of feed grains, in particular corn, in the EU, Mexico and Ukraine.

At the same time, FAO raised its forecast for world wheat and rice production in 2024. The volume of rice production in the world may reach a new record level of 537 million tons.

According to forecasts, the total volume of grain consumption in the 2024-2025 season will reach 2,852 million tons. This is 0.2% more than the 2023-2024 season. At the same time, the volume of grain stocks in the world at the end of the 2025 season will increase by 1.2%.

The volume of world grain trade is forecast at 485.6 million tons, which is 3.3% lower than the indicator of the 2023-2024 season, due to a decrease in the forecast for feed grain trade.

We will remind you that in September, the Ministry of Agrarian Policy and participants of the agricultural market signed an addendum to the memorandum of understanding, which agreed on the maximum volumes of grain exports in 2024/25.