Global wheat production rises, corn drops

MarketsFarm — The International Grains Council (IGC) in London raised its estimate of total world grain production for 2022-23 from its August report, with most of the increases coming in wheat.

Overall, the IGC projected total production to reach 2.256 billion tonnes, adding eight million from last month. Most of that came from higher harvest forecasts for Australia, Canada and Russia, but was offset by less corn output in the U.S.

Despite trade and consumption estimates remaining unchanged, the IGC upped the total global carryover by 10 million tonnes bringing it to 587 million.

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The council also raised global wheat production for 2022-23 by 14 million tonnes from August, bringing its call to 792 million tonnes. Despite trade and consumption remaining relatively steady, there was an 11 million-tonne increase in the carryover, which now stands at 286 million tonnes.

World corn production was lowered by 11 million tonnes, which the IGC now puts at 1.168 billion for 2022-23. The council trimmed one million tonnes from trade and six million off its call on consumption. However, at 262 million tonnes, it cut world corn ending stocks by three million.

Soybeans witnessed only slight changes as the IGC lowered global production by two million tonnes at 387 million, balanced off by more output in South America and the Black Sea region and less coming off of U.S. fields. Trade and consumption held firm with the carryover nudged up one million tonnes at 53 million.

Table: International Grains Council world grain production estimates in millions of metric tonnes.

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