The Food and Agriculture Organization of the United Nations (FAO) predicted that the world wheat harvest in 2023 will be 784 million tons, which may be the second highest figure in history, the press service of FAO reports.
Thus, high rates are expected in North America, as farmers increase acreage in response to high grain prices.
The organization believes that in the countries of the Southern Hemisphere, the prospects for the production of feed grain crops in 2023 are mostly favorable, and the total volume of corn crops in Brazil is expected to reach a record figure.
World grain consumption in the 2022-2023 season is projected at 2,780 million tons, which is 0.6% less than in the previous period. This is largely due to the expected reduction in consumption of all major types of feed grains.
At the same time, world grain stocks at the end of 2023 will be reduced by 1.2% compared to the initial figure — to 844 million tons, as it is expected that the reduction in stocks of feed grain and partly rice will compensate for the expected growth in wheat stocks. It is assumed that world grain trade will be reduced by 1.8% to 473 million tons.
Global demand for wheat may increase by 11% over the next decade. This was noted in the forecast of the Food and Agriculture Organization (FAO) Agricultural Outlook 2022-2031.
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