Analysts of FAO in the February report raised the forecast for world grain production in 2022/23 MY by 8.3 million tons, to 2.76 billion tons, which is nevertheless 1.7% still lower than the result of the previous season.
In particular, experts made upward adjustments for the wheat harvest – up to 793.7 million tons compared to 781.1 million tons according to a preliminary forecast, which may update the record figure due to the expected high harvest in Australia and the Russian Federation.
At the same time, the forecast for the production of coarse grains was slightly reduced to 1.46 billion tons (-3 million tons) against the background of a projected decline in the harvest in the EU, the United States and the Russian Federation, although production in China may increase.
The forecast for world trade in grain crops in the current season was raised to 473.6 million tons compared to 471.6 million tons according to December estimates, which is still inferior to the result in 2021/22 MY (481.8 million tons). Thus, the forecast for wheat trade was raised to 197.3 (194) million tons, while corn was reduced to 223.5 (224.6) million tons.
Experts increased the estimate of world stocks of grain crops in the world in the current season by 5.1 million tons, to 844.5 million tons (-10.3 million tons per year).
Source: Apkinform