CIC revises world cereal production downwards for 2022/23

Published Nov 21, 2022

Tridge summary

The International Cereals Council (CIC) has lowered its global grain production forecast for the 2022/23 season by one million tons to 2,255 million tons, primarily due to reduced wheat production in Argentina and Australia. Despite the decrease in wheat production, corn production projections remain unchanged. The cumulative drop in corn and sorghum harvests is expected to offset the anticipated rise in wheat, barley, oats, and other coarse grains production, leading to a global grain production decline by 33 million tons compared to the previous season. Furthermore, world stocks are projected to decrease for the sixth year in a row, reaching 580 million tons, and global trade is anticipated to decrease by 4% due to reduced imports by key countries like China, Canada, Turkey, and Brazil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In its report for this month of November, the International Cereals Council (CIC) has revised downwards by one million tons its forecast for world grain production (without rice) for the current 2022/23 campaign, which is now at 2,255 million tons, due to the cut in wheat production, since corn production remains unchanged. This cut in wheat is due to concerns about winter crops in Argentina and some decline in Australia can be expected as a result of heavy rains in the country. On the contrary, the agency has raised the corn consumption forecast by one million tons. If compared to the previous season, the 2022/23 cereal production will fall by 33 million tons (-1%). The CIC explains that the reduction in both corn (-53 million) and sorghum (-1 million) harvests will more than cancel out the increase expected in wheat (+10 million tons), barley (+6 million ), oats (+2 million) and other coarse grains (+3 million). World stocks will fall for the sixth consecutive year to stand at ...

Source: Agropopular