Nov. 2022: IGC cuts global grain supply again In its latest Nov. 22 issue, the International Grains Council (IGC) estimated the world grain harvest to be slightly lower than in the previous month. Global production is estimated at 2,255 million t. The IGC estimates global grain consumption at 2,271.8 million tons. The shortfall will be covered by further reducing the ending stocks to 580 million t. This means that the global supply figure falls back to 25.5% ending stock to consumption. In 2016/17 the result was still 31.6%. The supply situation becomes even tighter if the figures are calculated without China . The result is then 13.9% ending inventory for consumption . For the rest of the world, supplies are sufficient for 53 days (previous year: 57 days) The cuts are mainly caused by the drought-related crop losses of around 10 million t compared to the previous year in Argentina .The remaining minor corrections in other countries balance each other out. The global wheat harvest 2022/23 will be reduced by 2 million t compared to the previous month. Wheat consumption remains roughly the same. The result is a further reduction in inventories. The range is slightly different around 80 days. Global corn production is down 4.3% year-on-year. The drought-related crop failures in the EU-27 of an estimated 17 million tons are decisive. The supply figure without China falls back to 14.7 ending stocks to consumption (previous year 15.5%) For the EU-27 , the IGC estimates a grain harvest of 270 million t (previous year 291 million t). Consumption is estimated at 257 million t (previous year 264 million t). Reductions are made in particular in reduced feed consumption due to reduced animal numbers. Grain imports are estimated to be 5 million t higher at 28.5 million t with a predominant focus on corn imports.EU grain exports are unchanged from the previous year at 49 million tons. The overlay stocks will be reduced from almost 35 to 27 million t. The supplies last for 36 days (previous year 48 days).
