Forecast of the global harvest of grains and oilseeds for 2023

The International Grains Council (IGC) released its July review of the grain and oilseeds markets. We read it, and in 15 paragraphs we retell the main thing. CEREALS 1. Production indicators of almost all grains are growing. Therefore, the overall IGC index, which includes grains and oilseeds, rose by 4% mom in July. 2. The grain harvest in the 2023/24 season will be a record 2.29 billion tons. This is 5 million tons more compared to the previous month's forecast, and 38 million tons (+2%) season-on-season. 3. World corn production may increase by 64 million tons, sorghum - by 8 million tons. Both crops offset the decline in wheat (-19 million tons), barley (-9 million tons) and oats (-3 million tons). 4. Forecast improved, including against the backdrop of increased corn and sorghum plantings in the United States. At the same time, the supply of wheat, barley and oats will decrease slightly. 5. The council also estimated grain consumption at a record 2.3 billion tons (+2%; the ...