FAO estimates higher grain production than expected in Ukraine; record corn production in the world

The FAO forecast for world cereal production in 2023 has been revised downwards by 4 million tonnes compared to the previous figure published in July. Despite the deterioration in the assessment this month, world cereal production is growing by 0.9%. year on year, reaching 2,815 million tonnes, corresponding to the record result of 2021. Most of this month's cuts are due to the deteriorating outlook for global wheat, with global production now set at 781.1 million tonnes, 2.2 million tonnes less than expected in July. At this level, global production will decline by 2.6 percent year-on-year, but this will still be the second-highest figure on record. Downward revisions affect Canada and the European Union They are due to continued dry weather conditions that limited crop yields and accounted for much of the decline this month. Forecasts for China's wheat production were also downgraded, although to a lesser extent, with heavy rains in key producing regions worsening crop ...