IGC forecast for 2022/23 world grains production is trimmed slightly

At 2,255m t, the Council's forecast for 2022/23 world grains (wheat and coarse grains) production is trimmed slightly m/m (month-on-month), mainly on a smaller wheat estimate. The focus is centred on prospects in the main southern hemisphere exporters, with concerns mounting about winter crops in Argentina.

While Australian yields are expected to be strong, heavy rains have heightened the risk of quality losses in eastern areas. Linked to a larger figure for maize feeding, total consumption is placed 1m t higher m/m. Mainly because of changes to wheat, global carryover stocks (aggregate of respective local marketing years) are forecast 4m t lower than before. The figure for trade is lowered m/m due to cuts for maize and barley.