The OECD-FAO Agricultural Outlook 2018-2027 released on the 3 of July 2018 describes, among other chapters, the market situation and highlights the latest set of quantitative medium-term projections for world and national cereals markets for the ten-year period 2018-27.
Global cereal production is projected to expand by 13% by 2027, accounted for in large part by higher yields. Production of wheat is projected to increase from 750 Mt in the base period to 833 Mt in 2027, with most of the growth in India (20 Mt), followed by the European Union (12 Mt), the Russian Federation (10 Mt), Pakistan (6 Mt) and Turkey (5 Mt). Maize production is expected to rise by 161 Mt to 1.2 bln t, led by the People’s Republic of China (hereafter “China”) (31 Mt), Brazil (24 Mt) and the United States (22 Mt).
For maize and wheat, the Russian Federation is emerging as a major player on international markets, having surpassed the European Union in 2016 to become the top wheat exporter. For maize, market shares will increase for Brazil, Argentina and the Russian Federation while declining for the United States. Thailand, India, and Viet Nam are expected to remain the major suppliers on international rice markets, while Cambodia and Myanmar are projected to capture a greater share of the global export market. Over the projection period, prices are expected to increase slightly in nominal terms but decline modestly in real terms.
Food Outlook and other GIEWS reports are available on the internet as part of the FAO world wide web at the following URL address: http://www.fao.org/giews/. Other relevant studies on markets and the global food situation can be found at http://www.fao.org/worldfoodsituation.
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