# World 2023 cereal production forecast up from last month; early prospects for 2024 point to limited area growth for wheat

> FAO raised its 2023 world cereal production forecast by 3.6 million tonnes to 2,823 million tonnes, with wheat lifted to 787 million tonnes on larger Russian and Turkish outputs. Maize was revised up for the US on higher yields, offset by cuts for the EU and Mexico, while Argentina and Brazil were trimmed for late-season weather.

- Date: 2024-01-05 · published 2024-01-05T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32070-world-2023-cereal-production-forecast-up-from-last-month-early-prospects-for
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A larger world cereal supply with a higher US corn crop is bearish for feed grain prices, partly offset by smaller South American and Mexican crops.

## Read by commodity

- SOY: neutral
- CORN: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2020-06-16 | [Rebound in grain production lifts wheat forecast to 26.7Mt: ABARES - Grain Central](https://feedsoft.ai/events/52584-rebound-in-grain-production-lifts-wheat-forecast-to-26-7mt-abares-grain-central.md) | +1.5% | -4.7% |
| WHEAT | 2025-09-17 | [France Updates Wheat and Corn Production Forecasts for 2025](https://feedsoft.ai/events/22802-france-updates-wheat-and-corn-production-forecasts-for-2025.md) | +0.4% | +1.3% |
| WHEAT | 2025-08-11 | [France raises wheat harvest forecast but expects corn production to decline](https://feedsoft.ai/events/23272-france-raises-wheat-harvest-forecast-but-expects-corn-production-to-decline.md) | -1.0% | +0.2% |
| WHEAT | 2023-01-12 | [Corn and soybean production down in 2022, USDA reports
Corn stocks down, soybean stocks down from year earlier
Winter Wheat Seedings up for 2023](https://feedsoft.ai/events/13303-corn-and-soybean-production-down-in-2022-usda-reports-corn-stocks-down-soybean.md) | -0.6% | +2.0% |
| WHEAT | 2022-10-04 | [Winter wheat production in Northwest Region up 59 percent from last year - Morning Ag Clips](https://feedsoft.ai/events/39183-winter-wheat-production-in-northwest-region-up-59-percent-from-last-year.md) | -13.7% | -16.1% |
| CORN | 2026-10-28 | [Strong production seen for Argentina corn, wheat \| World Grain](https://feedsoft.ai/events/125-strong-production-seen-for-argentina-corn-wheat-world-grain.md) | -0.5% | — |
| CORN | 2018-10-10 | [Brazil corn production forecast higher \| 2018-10-10  \| World Grain](https://feedsoft.ai/events/62372-brazil-corn-production-forecast-higher-2018-10-10-world-grain.md) | +4.0% | +4.0% |
| CORN | 2024-11-13 | [USDA projects fewer acres, greater production ahead for US \| World Grain](https://feedsoft.ai/events/27461-usda-projects-fewer-acres-greater-production-ahead-for-us-world-grain.md) | -0.5% | +1.0% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/world-2023-cereal-production-forecast-up-from-last-month-early-prospects-for-2024-point-to-limited-area-growth-for-wheat/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.