Analysts FAO in the July report raised the forecast for world production Grains in 2022/23 to 7 million tons from the pre-forecast – up to 2,792 billion tons, which, however, is 0,6% below the result of the previous year.
Due to the increase in feed grain production forecasts by 6,4 million tons to 1,501 billion tons (-0,5% p.a.), maize acreage increased in China and India. In addition, analysts predict an increase in corn production in Ukraine.
The forecast of the world production of Wheat in 2022/23 analysts FAO slightly reduced – to 770,3 million tons compared to 770,8 million tons according to the previous forecast, which is 1% worse than the result in 2021/22 (778,3 million tons). At the same time, forecast declines in grain harvests in the EU, Argentina and Iraq are offset by forecast increases in wheat production in Canada and Australia.
The forecast for global grain consumption in the new season has been raised by 9,2 million tons to 2,797 billion tons, but that is 1,7 million tons below last year's figure. The estimate of global grain stocks was also increased by 7,6 million tonnes to 854 million tonnes (-5 million tonnes by 2021/22).
World grain trade in 2022/23 according to the FAO forecast may increase by up to 467,6 million tons compared to 462,8 million tons according to the June forecast, which will be worse than the result in 2021/22 (479 million tons). In particular, analysts increased the forecast of trade in wheat – up to 190,6 (188,9; 193,2) million tons and feed grain – up to 222,8 (220; 232,3) million tons.