MARKET REPORT 80 FEED & ADDITIVE MAGAZINE February 2024 The type and quantity of cereals used in animal feed depends largely on their nutritive value and cost. Although the primary cereal type preferred in different regions varies, corn is the most intensively used cereal type in feeds produced for many different animal species, especially poultry group. Corn, which is an important source of energy for animals, is also used in the food industry such as oil, starch and flour, and by-products from these industries are also utilised as important components for the feed industry. In the feed and livestock sector, the composition and properties of the grain as well as its price are extremely important in the selection of grain as a feed component. Raw material prices, which increase from time to time due to problems in the supply process, export restrictions and some other factors, significantly affect both livestock farmers and the feed industry. Ignoring such unpredictable factors, the most determining factor in grain prices is the amount of production and demand in the world. LATEST PROSPECTS FOR CORN PRODUCTION In its latest report published on 11 January, the International Grains Council (IGC) estimated that world corn production fell by 60 million tonnes Global Corn Supply and Demand & 2024 Expectations Corn is one of the most widely grown cereal crops in terms of quantity worldwide. It is also one of the most important feed ingredients used for animal feed. However, the major decline in world corn production in the 2022/23 season posed a serious problem for feed producers in terms of supply and pricing. According to the International Grains Council (IGC), 2023/24 will be a recovery season for world corn production, which fell by 60 million tonnes to 1,165 million tonnes in the 2022/23 season, and production will reach 1,230 million tonnes again. The new season forecast of the US Department of Agriculture (USDA) Service is 1,235 million tonnes. By Derya Yildiz
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