IGC cuts global foodgrain production estimate by 6 million tonnes

20-Aug-2024 07:35 PM

Mumbai. The International Grains Council (IGC) has reduced its global foodgrain production estimate for the 2024-25 season by 6 million tonnes as compared to last month and has now set it at 231.50 crore tonnes.

In its July report, the IGC had projected a global production of 232.10 crore tonnes of foodgrains. As far as the 2023-24 season is concerned, the Council has estimated global production of 229.90 crore tonnes of foodgrains in it.

Due to the reduction in the previous outstanding stock of various categories of foodgrains, the IGC has projected its total stock to be 58.10 crore tonnes,

which is 5 million tonnes less than the July estimate. Under this, the stock situation is estimated to remain complex, especially in the major exporting countries.

Like production, the estimate of foodgrain usage has also been reduced. The July report had estimated the consumption of food grains to be 232.40 crore tonnes during the 2024-25 season,

which has been reduced by 30 lakh tonnes to 232.10 crore tonnes in the August report. This will lead to a relatively lesser decline in the outstanding surplus stock.

As far as wheat is concerned, the IGC has projected its global production to be 79.90 crore tonnes in the 2024-25 season,

which is less than the July estimate of 80.10 crore tonnes but more than 79.40 crore tonnes during the 2023-24 season. On the other hand, its global consumption estimate has been increased by 10 lakh tonnes to 80.30 crore tonnes.