IGC analysts again reduced the forecast for world grain production in 2022/23 MY
Wheat
Published May 24, 2022
Tridge summary
In the May report, IGC analysts reduced the forecast for grain production in 2022/23 MY by 24 million tons to 2,251 million tons compared to the April report. This is due to a significant reduction in wheat and corn yields. Comparing this forecast with the current 2021/22 MY, lower wheat, corn and sorghum yields are projected to reduce total world grain production in 2022/23 by 40 million tonnes, but this crop is still potentially second to none. the greatest in history.
Original content
In the May report, compared to the previous forecast, projected consumption was reduced by almost the same amount as world production - 23 million tons. Compared to the 2021/22 MY, total consumption is projected to decline by 7-8 million tons, to 2,279 million, which is the first reduction in world consumption since 2015/16. World trade is projected to fall 3% to 404 million tonnes, mainly due to lower volumes of corn and barley. Due to the reduction of balances of large exporters, world grain stocks will decrease by 5% to 580 million tons. Experts also reduced the forecast for world wheat production in 2022/23 MY to 769 million tons against 780 million tons according to the previous forecast, which is also lower than the result in 2021/22 MY (781 million tons). In particular, the grain harvest forecast was reduced for Argentina to 19.6 (21.2; 22.1) million tons, the EU - to 134.9 (135.5; 138.1) million tons, Kazakhstan - to 13.2 13.5; 11.8) million tons, the United States - up to ...
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