IGC revises down 2022-23 global grain output estimate by 3 million mt

The International Grains Council has revised its global grains output forecast for the marketing year 2022-23 (April-March) 3 million mt lower to 2.252 billion mt, due to drought conditions in the EU, which may reduce yields, it said in its latest monthly report released July 21.

Global grains output in MY 2021-22 stood at 2.292 billion mt, according to IGC data.

The council also revised its forecast for global grains trade in MY 2022-23 to 406 million mt, up from its estimate last month of 405 million mt.

The IGC in its July update reduced its estimate for global grains consumption by 3 million mt to 2.277 billion mt but maintained its estimate for global grain ending stocks at 583 million mt for MY 2022-23.

For corn, the IGC has reduced its estimate for global output marginally by 1 million mt to 1.189 billion mt.

Corn trade estimates were raised by 1 million mt from last month's report to 169 million mt for MY 2022-23, while the consumption projection was reduced to 1.202 billion mt, down 2 million mt from last month.

Corn carryover stock estimates were maintained at 271 million mt for MY 2022-23.

Global wheat output estimates were increased to 770 million mt for MY 2022-23, from 769 million mt seen last month. The global wheat trade estimate was kept unchanged at 194 million mt.

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

It has reduced its projection for global carryover stocks to 272 million mt for MY 2022-23 from 272 million mt estimated last month.

For rice, production estimates were maintained at 518 million mt for MY 2022-23, the council said.

Global rice consumption estimates were increased to 519 million mt for MY 2022-23 from 518 million mt seen last month, and global rice trade was seen rising to 52 million mt, up from 51 million mt.

The IGC reduced its forecast for global carryover stocks of rice to 179 million mt, down 2 million mt from the previous estimate.

The global soybean production forecast was reduced to 386 million mt in MY 2022-23 from 390 million mt in last month's report, with global soybean trade now seen at 165 million mt, down from 166 million mt last month. The soybean consumption projection was steady at 376 million mt for MY 2022-23.

The global carryover stocks estimate for soybeans was reduced to 54 million mt from 56 million mt seen last month.