MarketsFarm — World wheat production in the 2022-23 marketing year will likely end up slightly higher than earlier projections, according to the latest estimates from the International Grains Council.
However, with usage predictions also rising, carryout stocks were revised slightly lower.
In a report released Thursday, the IGC pegged 2022-23 world wheat production at 796 million tonnes, which would be up from its November forecast of 791 million and well above the 781 million tonnes grown in 2021-22. Anticipated consumption was raised by five million tonnes from the November estimate, to 789 million, causing the carryout stocks to dip to 281 million from 282 million in November. If realized, the wheat carryout would still be up from the 274 million tonne ending stocks in 2021-22.
Read Also
U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
For corn, production and ending stocks were both revised down from the November forecast. The IGC now sees world corn production in 2022-23 at 1.161 billion tonnes, down by five million from November. Consumption is only forecast to dip by two million, at 1.188 billion tonnes, with the resulting ending stocks of 254 million tonnes down from the November estimate of 257 million tonnes. Both production and the carryout are forecast to be down from the 2021-22 levels of 1.219 billion tonnes and 281 million tonnes respectively.
Adjustments to the soybean balance sheet were minor, with production and consumption both down by three million tonnes from November at 385 million and 376 million tonnes respectively. Soybean ending stocks were left unchanged at 54 million tonnes, which would be up from 45 million the previous year.
