Global Grain Production Expected to Fall
Global output of grain is expected to fall 2% in 2022-23, led by a reduction in corn and rice production, the International Grains Council said Thursday.
The London-based intergovernmental body said it has cut grain forecasts for the current year by 4 million metric tons to 2.248 billion tons, and consumption estimates by 3 million tons to 2.274 billion tons.
In the 2021-22 season, global grain production came in at 2.291 billion tons.
Concerns have been raised in recent weeks over India’s rice crop amid uneven monsoon rains in the north of the country, leading the IGC to trim global rice output to 514 million tons, down from the previous forecast of 518 million tons.
Corn estimates have also dropped amid lower European output due to drought in the continent. The IGC is now forecasting 2022-23 output at 1.18 billion tons, down from 1.19 billion down. In the previous season, output was 1.22 billion.
Meanwhile, wheat output estimates have risen to 778 million tons from 770 million tons, but still remain below the 781 million produced in 2021-22.
Soybean production is seen at 389 million tons, compared with a previous forecast of 386 million tons, and up from 351 million tons in the prior-year period.
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