FAO has improved its grain trade forecast for the 2024/25 season

Analysts of the Food and Agricultural Organization of the United Nations (FAO) increased the forecast of world grain trade for 2024/25 MY by 2.5 million tons.

FAO increased the forecast of the volume of world grain trade for the 2024/25 season by 2.5 million tons compared to the September estimate — to 488.1 million tons. “APK-Inform” writes about this.

At the same time, this indicator still remains 2.7% (13.8 million tons) lower than the result of the previous season 2023/24.

In particular, a reduction in the volume of world wheat trade in the current season is forecast by 4.1% (by 8.6 million tons) to 198.4 million tons. This is 1 million tons less than expected in September. The main reasons for this reduction are a decrease in the volume of exports from EU countries due to a reduction in domestic supplies, as well as a decrease in wheat purchases from Egypt.

The forecast for world trade in feed grains was increased by 2.5 million tons in October. Now it is 235.4 million tons, which, however, is less than last year’s figure of 242.8 million tons.

Growth in global corn trade is expected due to increased demand from the EU, where forecasts for its production have been lowered. At the same time, an increase in the export of corn from Brazil is forecast. Increased demand for barley and sorghum from China is also expected to be met by supplies from Australia and the US respectively.

As USM wrote, the day before, Russian invaders attacked a ship with Ukrainian corn in the port of Pivdennyi. This is already the 20th civilian ship that was damaged as a result of Russian attacks.

Also, a few weeks ago, the terrorist country hit a ship carrying wheat to Egypt.