Global overview of the grain and soybean market, highlights April 2023

Executive Summary KEY POINTS Almost entirely due to a higher valuation of wheat, global total grain production (wheat and coarse grains) for 2022/23 is up 2mt m/m (m/m) to 2252m. tons. Consumption outlook is raised by 3mt, mainly due to an upward revision in wheat, with end-of-season stocks (aggregate of relevant local marketing years) 1m lower than before at 584mt. The Council's trade valuation edged up slightly on stronger-than-expected corn shipments, oilworld.ru reports citing IGC. The forecast for total grain production for 2023/24 is increased by 7 Mt year-on-year to 2,291 Mt, including increases in corn and barley production. The increase in supply is mostly absorbed by broader use, mainly for feed, but still allows for a slight increase in ending stocks forecast, pegged at 581 Mt. Including cuts in wheat, corn and sorghum, total trade is revised down m/m. With adjustments for South American producers, global soybean production was unchanged on a monthly basis. With further ...