FAO cuts world grain harvest again

Dec. 2022: FAO reduces the 2022/23 world grain harvest again In its most recent report on the situation on the world grain market, the Food and Agriculture Organization of the United Nations (FAO) made further cuts compared to the previous month. This primarily affected corn, while the withdrawals for wheat were limited. Estimate changes for rice remain contained. The global wheat harvest is classified at 781 million t (previous year 778 million t). Consumption is said to be just under 775 million tons. An increase in ending stocks to around 300 million t (previous year 293 million t) or 38% of consumption is thus predicted. The reserves of the major exporting countries amount to 17.3% of consumption (previous year 15.7%). The global rice harvest is estimated at around 513 million t (previous year 525 million t). The FAO estimates consumption at 519 million t (-3 million t compared to the previous year). The ending stock thus falls to 194 million t (previous year 197 million t). The reserves of the major exporting countries remain at a high level of almost 30% of consumption. The FAO cuts the remaining grain harvest with a focus on corn to 1.462 million t (previous year 1,510 million t). Consumption is expected to drop to 1,484 million t (previous year 1,503 million t). Accordingly, the ending stocks will be reduced by around 32 million t to 345 million t. This is the lowest level in the last 10 years. Global increases in grain and rice consumption as a result of increasing population and income have come to a halt. Global production has only just been able to keep up with the increase in consumption for the last 5 years. World inventories are showing a stagnating to falling trend. Where acreage is limited, area yields are becoming increasingly important; However, in view of the high fertilizer prices , the expectations in this regard should not be set too high. The prospects of an improved supply situation in the future are rather low. World grain harvest 2022/23 compared to the previous year

The estimate results for the world grain harvest 2022-23 show a tendency towards larger negative differences compared to the previous year as the revisions progress.