IGC projects 2022-23 global grain output down 24 million mt at 2.25 billion mt

The International Grains Council projected global grains output to decline by 24 million mt to 2.25 billion mt in marketing year 2022-23 (April-March) due to an anticipated drop in production of wheat and corn.

The council sees global grains trade in MY 2022-23 contracting to 404 million mt, against 407 million mt seen last month.

The IGC in its May update also reduced its estimates for global grains consumption by 23 million mt to 2.28 billion mt.

It has slightly reduced its estimate for global grain ending stocks to 580 million mt against 581 million mt for MY 2022-23.

For corn, the IGC has reduced its estimate for global output by 15 million mt, to 1.18 billion mt from the previous month.

Corn trade estimates were reduced by 5 million mt to 166 million mt for MY 2022-23. The IGC also reduced the consumption projection for MY 2022-23 to 1.2 billion mt, down 18 million mt from last month.

However, it increased the forecast for corn carryover stock by 4 million mt to 269 million mt for MY 2022-23.

Global wheat output estimates were reduced to 769 million mt from 780 million mt for MY 2022-23 seen in the previous months. For MY 2022-23, it has also slightly increased global wheat trade estimate to 194 million mt from 193 million mt seen last year.

It reduced its projection for global wheat consumption to 780 million mt for MY 2022-23 from 780 million mt seen last month. It has also reduced its projection for global carryover stocks to 271 million mt for MY 2022-23 from 277 million mt estimated last month.

For rice, production estimates were reduced to 519 million mt for MY 2022-23 from 520 million mt seen in April, the council said.

Its global rice consumption estimate increased by 1 million mt to 518 million mt for MY 2022-23, while the global rice trade was forecast to rise slightly by 1 million mt to 51 million mt.

It has reduced its forecast for global carryover stocks to 181 million mt against 184 million mt seen in April.

The forecast for global soybean production in MY 2022-23 was increased to 387 million mt from 383 million mt, the IGC said.

The IGC also increased the estimate for global soybean consumption to 374 million mt in MY 2022-22 from 373 million mt seen last month. It has kept its soybean trade projection steady at 166 million mt for MY 2022-23.

The global carryover stocks estimate for soybeans was increased to 58 million mt from 54 million mt seen last month.