September 23, 2022
IGC raises 2022/23 global wheat output forecast
The International Grains Council (IGC) raised its projections for the 2022/23 global wheat output, partially due to an improvement in wheat crop in Russia, Reuters reported.
The inter-governmental body projected that global wheat production would increase to 792 million tonnes in 2022/23 from a previous estimate of 778 million, surpassing the 782 million tonnes of the previous season.
The biggest adjustment concerned Russia, where production is now anticipated to increase to 93.4 million tonnes from an earlier estimate of 87.6 million.
Despite the higher production predicted, Russia's wheat exports for the 2022–2023 season were still expected to be 36.5 million tonnes, resulting in a predicted buildup of stocks in the nation.
At the end of the 2022–2023 growing season, it was anticipated that Russia would have 22.5 million tonnes of wheat on hand, nearly double the 11.3 million tonnes of the previous season.
The IGC also reduced its projection for the world's corn crop for 2022/23 by 11 million tonnes, to 1.168 billion tonnes, primarily due to a decrease in its forecast for US production, from 364.7 million to 354.2 million tonnes.