Hungaray: Grain prices have shot up, but there is no threat of stock shortages

The USDA forecasts a global wheat harvest of 782 million tons for the 2022/2023 financial year, with consumption predicted to decrease by 0.5% from the previous year to 790 million tons. The global wheat market is expected to see a 1% increase in trade, leading to a 3% decrease in wheat stocks. In Hungary, the producer price of edible and feed wheat, as well as industrial sunflower seeds, rapeseed, and soybeans, has significantly increased compared to the previous year. The European Commission reported a 16% decrease in the EU's live cattle and beef exports in the first half of 2022, with the largest markets being Israel, Ghana, and Bosnia and Herzegovina. Hungary experienced a 9% decrease in live cattle exports but a 7% increase in imports, alongside a 15% increase in beef imports, which resulted in a 59% increase in their value. The producer price of young bulls, slaughter heifers, and slaughter cows in Hungary have also seen significant increases, leading to a 59% increase in the consumer price of beef steak in September 2022.