World: Overview of the main changes in the October IGC balances for grain and oil seeds
Published Oct 25, 2022
Original content
The October IGC balances for grain and oil crops were almost unchanged compared to September estimates. The IGC's GOI Cereals and Oilseeds Price Index is also unchanged and still 11% higher than last year. According to the IGC forecast, world grain production in FY 2022/23 will be 2.256 billion tons, which will be the second largest in history, although it will be 1% lower than the previous season. The decrease in production is due to the fall in the corn harvest in Ukraine, the USA and the EU. At the same time, world production of wheat, oats and barley will grow compared to last year. The estimate of world consumption against the background of a sharp reduction in feed consumption and industrial use was reduced by 3 million tons to 2,271 million tons, which will significantly exceed the average level. The global trade forecast was reduced by 4% compared to the previous season to 408 million tons, in particular corn – by 8 million tons (mainly for supplies to Asia), sorghum – by ...
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