According to the latest estimates from the International Grains Council (IGC), global wheat stocks would decline by 7 million tonnes between 2023-2024 and 2024-2025.
In its estimates published on June 27, 2024, the International Grains Council (IGC) forecasts a 2023-2024 ending stock of 268 million tonnes, compared to 280 million tonnes the previous year. This figure is estimated at 261 million tonnes for 2024-2025.
A stock of 58 million tonnes at the main exporters
Cereal stocks among the main exporters follow the same dynamics. From 67 million tonnes in 2022-2023, they would fall to 61 million tonnes in 2023-2024 and 58 million tonnes in 2024-2025 according to the latest CIC estimates.
Global wheat consumption is also expected to decline between 2023-2024 (805 million tonnes) and 2024-2025 (800 million tonnes).
For all cereals combined, the CIC points to an increase in supply between 2022-2023 (2,267 million tonnes) and 2023-2024 (2,300 million tonnes). But “a relatively more marked rebound in consumption will lead to a further reduction in carryover stocks, by 2%, to 591 million tonnes”, the organization estimates. For 2024-2025, the CIC projects stocks at a lower 582 million tonnes, or 9 million tonnes less over one year.
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