IGC revises 2022-23 global grain output estimate up 5 million mt to 2.26 billion mt

The International Grains Council has revised its global grains output forecast for marketing year 2022-23 (April-March) higher by 5 million mt to 2.255 billion mt, taking account of higher expected production of corn, it said in its latest monthly report released June 23.

Global grains output in MY 2021-22 stood at 2.290 billion mt, according to IGC data.

The council also revised its forecast for global grains trade in MY 2022-23 to 405 million mt, up from its estimate last month of 404 million mt.

The IGC in its June update also increased its estimate for global grains consumption by 1 million mt to 2.28 billion mt, and raised its estimate for global grain ending stocks to 583 million mt for MY 2022-23 from 580 million mt previously.

For corn, the IGC has increased its estimate for global output by 6 million mt, to 1.19 billion mt from the previous month.

Corn trade estimates were raised by 2 million mt from last month's report to 168 million mt for MY 2022-23, while the consumption projection was raised to 1.2 billion mt, up 4 million mt from last month.

Corn carryover stock estimates were raised by 2 million mt to 271 million mt for MY 2022-23.

Global wheat output estimates were maintained at 769 million mt for MY 2022-23, while the global wheat trade estimate was unchanged at 194 million mt.

Global wheat consumption is now seen slightly lower at 779 million mt for MY 2022-23, down from a forecast of 780 million mt last month.

However, it has increased its projection for global carryover stocks to 273 million mt for MY 2022-23 from 271 million mt estimated last month.

For rice, production estimates were reduced to 518 million mt for MY 2022-23 from 519 million mt seen in May, the council said.

Global rice consumption estimates were maintained at 518 million mt for MY 2022-23, while the global rice trade was steady at 51 million mt.

The IGC also maintained its forecast for global carryover stocks of rice at 181 million mt.

The global soybean production forecast was increased to 390 million mt in MY 2022-23 from 387 million mt in last month's report, with global soybean consumption now seen at 376 million mt, up from 374 million mt last month. The soybean trade projection was steady at 166 million mt for MY 2022-23.

The global carryover stocks estimate for soybeans was reduced to 56 million mt from 58 million mt seen last month.