Tashkent, Uzbekistan (UzDaily.com) -- Experts from the Institute of Macroeconomic and Regional Research (IMRI) analyzed the main trends in the development of global food markets.

According to the FAO forecast, extreme weather conditions and rising geopolitical tensions pose risks to global food systems and could worsen the prospects for trade and global food security.

Global wheat production in the 2023/24 season is expected to be 785.1 million tons, down 2.2% from last season, although supplies will remain sufficient.

The projected reduction in wheat production is associated with a decrease in harvest volumes in Australia and the Russian Federation after record highs in 2022, as well as a projected decrease in harvests in Canada and Kazakhstan. However, expected production growth in Argentina, India and the US will offset this decline.

Global oilseed production is expected to continue rising in the 2023/24 season, reaching a new record high of 666.7 million tonnes, up 4.0% from the previous season.

Higher forecasts for soybean production (Brazil, Argentina) and sunflower seeds (Europe, Black Sea region) will offset the expected reduction in rapeseed production (Australia, Canada).

Global sugar production in the 2023/24 season is expected to be 175.5 million tons, which is 2.0% less than in the 2022/23 season.

Sugar production is expected to fall in key producing countries Thailand and India due to drier weather conditions associated with El Niño. A decrease in sugar production is also expected in Brazil and the United States.

Global production of meat and meat products is forecast to reach 365 million tonnes by the end of 2023, up 0.8% from 2022.

Growth in meat production is forecast in Asia, mainly for pork in China. Meat production is also likely to expand in South America, especially Brazil, and also in Oceania.

Global milk production will reach 950 million tons by the end of 2023, up 1.3% from 2022.

The projected growth in global milk production is driven by increased production in Asia, especially India and China. Milk production in Brazil is also expected to increase due to an increase in the number of dairy cattle and higher milk yields.