Apr.2023: USDA corrects global grain estimate 2022/23 In its latest monthly edition, the US Department of Agriculture (USDA) corrects the previous world grain supply. The past weather developments in some production areas gave rise to appropriate adjustments. The world grain harvest 2022/23 totals 2,225.3 million t; consumption is estimated at 2,244.4 million t. As a result, the ending stock including China falls to 587 million t (previous year 606 million t). The supply situation excluding China fell from 14.4% to 13.4% ending inventory to consumption. The global wheat harvest 2022/23 is revised upwards to 789 million t compared to the previous month's estimate. Higher production results in Russia and Australia make up for drought-related losses in Argentina. Wheat consumption is also ranked higher at 796 Mt, driven by higher volumes in China, India and EU-27. China's rising wheat imports, which have reached a record high of 12 million tons, are a surprise. The surplus stocks for next year fall by 2 million t. The supplies (orChina) last for 70 days (previous year 76.5 days). The global corn harvest 2022/23 was reduced to 1,144.5 million t (previous year 1,217 million t). In addition to the weak EU-27 result, Argentina suffered drought-related losses. With roughly the same consumption, the ending stocks are reduced and only last for 37 days outside of China (previous year: 39 days). The harvests of the other grain types increased from 286 to 291 million tons. On the Chicago Stock Exchange, wheat prices for the May-23 front month are up around 1%, while corn prices are only slightly up.
