Forecast of grain production and trade in the world assumes the smallest volumes in the last three years

This month, the FAO forecast for global cereal production for 2022 was lowered by 7.2 million tons and now stands at 2,756 million tons, which is 2.0 percent (57 million tons) lower than last year. At the same time, in the last three years, the average increase in grain production in the world amounted to 56 million tons per year. This month's decline in the forecast is driven mainly by maize and, although to a lesser extent, wheat production. Global feed grain production in 2022 is projected at 1,462 million tonnes, almost 5 million tonnes below the earlier forecast, i.e. 3.1 percent below 2021 production. This latest downgrade primarily reflects less favorable prospects for the corn crop in Ukraine, where the wartime campaign is too costly to harvest, forcing many farms to forgo harvesting. The latest official data also confirms that Serbia harvested less than expected as yields were severely reduced as a result of the drought. At the same time, production forecasts for Turkey ...