World grain stocks remain stable

FAO has maintained its forecast for world cereal production in 2023 at 2 819 million tonnes, still representing a 0.9 percent (26 million tonnes) increase compared to the previous year’s outturn. Global wheat production in 2023 is forecast at 785.1 million tonnes, virtually unchanged from last month and 2.2 percent (18 million tonnes) lower than last year’s level. Downward revisions were made to production forecasts for the European Union and Kazakhstan, where prolonged periods of unfavourable weather late in the season led to lower yields relative to earlier prospects. These cuts have offset increases in production forecasts for Iraq and the United States of America, reflecting higher yield estimates. Global coarse grain production is pegged at 1 510 million tonnes in 2023, unchanged month on month and remaining 2.7 percent (38.8 million tonnes) above last year’s outturn. There are, however, several notable changes at country level. The major revision this month relates to China, ...