MarketsFarm — There was very little in the way of changes in the November supply and demand report from the International Grain Council (IGC).
The most notable alteration made by the London-based global organization was its four million-tonne reduction to 2022-23 wheat ending stocks, now at 282 million tonnes. The IGC lowered exports from 70 million tonnes to 66 million. Also, the council said it was particularly concerned with dry conditions in Argentina reducing production and excessively wet conditions in Australia hurting quality.
Also, the IGC trimmed one million tonnes off of world wheat production, projecting 791 million for the current marketing year. That would also make for a drop of 10 million tonnes from the council’s 2021-22 estimate.
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The IGC kept global corn production for 2022-23 at 1.17 million tonnes while the carryover dipped one million tonnes to 257 million. Compared to 2021-22, production is down 53 million tonnes with ending stocks losing 24 million.
Soybean production for 2022-23 was bumped up two million tonnes at 388 million, but the carryout remained at 54 million. Global production now rises 32 million compared to the previous marketing year and ending stocks are up by nine million. The IGC based those increases on more soybeans being grown in the U.S. and Brazil.
Overall, 2022-23 global production slips one million tonnes at nearly 2.26 billion, with the carryover down four million. Versus 2021-22, production sheds 34 million tonnes and ending stocks lose 17 million.
The IGC’s November report marks the last one for 2022, with the council’s next round of estimates scheduled to be released on Jan. 12, 2023.
