The forecast for grain consumption in the world is increased by 3 million tons
To date, the forecast for world grain consumption in the current marketing year has reached the level of 2.6 billion tons, which exceeds the indicator for the past year by 35.7 million tons or in percentage by 1.4%. Also, in comparison with the forecast for December 2017, consumption is also increased by 3 million tons.
Such information was provided by the FAO.
The increase in forecasts was due to an increase in forecasts for consumption of forage grains in countries such as China, Mexico and Russia.
The forecast for wheat consumption in the world is 734 million tons, which is 6 million tons less than the forecast for December 2017, and 1.5 million tons more than the figure of the past marketing year.
In addition, consumption of fodder grain in the world according to forecasts will be 1.36 billion tons, which exceeds the forecast for December by 8.5 million tons. An increase in the forecast for consumption of feed grain is due to increased consumption of maize and barley for feed. Consequently, consumption of forage grain will increase by approximately 28 million tons, compared to the previous marketing year, whereas grain consumption of feed can break all records this year and amount to 764 million tons.
Consumption of rice in the world will be about 503.7 million tons, which exceeds the forecast for December by 700 thousand tons. The main reason for increasing the consumption of this crop is food.
The outlook for global grain consumption pleases agricultural producers and traders, as it increased by 3 million tons. This significant increase opens up new opportunities for the development and strengthening of the world grain market. Leading consuming countries are showing a growing interest in cereals, especially due to the increase population and rising living standards.This forecast also has a positive impact on agricultural markets, sets prices and stimulates investment in cereal production.Regions with high agricultural potential can use this opportunity to increase their share in the global market.Analyze forecasts, develop strategies and make informed solutions to successfully operate on a dynamic and promising global grain market.