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Key takeaways from the IGC Grains Forum 2024

25 January 20242 min reading

The 59th Council Session of the International Grains Council (IGC) was convened on January 24, 2024, in New Orleans, with a preceding Grains Forum focusing on the “Biofuels market outlook and grains market development.” Hosted by the U.S. government, the session provided valuable insights into the global grains market, biofuels sector, and future projections.

The IGC Grains Forum 2024 featured presentations from government and private sector participants, including the IGC Secretariat's outlooks for world ethanol and biodiesel sectors. Key scenarios for production and trade were discussed, along with implications for grains, oilseeds, and raw materials markets. The Secretariat also shared its work on modeling ethanol and biodiesel.

Foto: IGC

SUPPLY AND DEMAND FORECASTS

The IGC Secretariat presented comprehensive supply and demand forecasts for grains, rice, and oilseeds for 2023/24, with tentative projections for 2024/25. Key insights include:

  • Record aggregate grain production of 2,307 million tons in 2023/24.
  • A 2% year-on-year (y/y) increase in grain consumption to 2,314 million tons.
  • Global grain inventories contracting to 590 million tons , marking a seventh successive drawdown.
  • A 3% y/y decline in cumulative world trade to 415 million tons.
  • Predicted 1% decrease in global wheat harvested area in 2024/25.
  • Record soybean production of 392 million tons in 2023/24, linked to gains in Argentina.
  • Anticipation of a 2% y/y decline in world soybean trade to 168 million tons.
  • 1% y/y decline in global rice output to 511 million tons in 2023/24.
  • Projected 2% contraction in rice trade in 2024 due to weaker buying interest from Asian importers.

FIELD TRIP TO THE PORT OF NEW ORLEANS

On 23rd January 2024, delegates also participated in a field trip to the Port of New Orleans organised by the North American Export Grains Association (NAEGA). The visit underscored the importance of these facilities in ensuring sustained flows of agricultural commodities to global markets, while also highlighting investments by a range of global agribusiness companies.


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