The Food and Agriculture Organization of the United Nations (FAO) this month lowered its forecast for global grain production in 2022 to 2 764 million tons, which is 1.8% lower than in 2021. This is reported by ProAgro Group with reference to the report of the organization.
At the same time, the forecast of wheat production in the world for 2022 is now 783.8 mln tonnes, which is a new historical record, however, the world production of coarse grains is expected to decline by 2.8%, to 1 467 mln tonnes. Rice production in the world in 2022 is expected to reach 512.6 million tons, which is 2.4% lower than the absolute record of 2021, but still at the average level.
The current forecast of global cereal consumption in 2022-2023 is 2 778 million tons, which is 0.7% lower than the forecast level of 2021-2022. It is assumed that world grain stocks at the end of the 2023 season may decrease by 2% compared to the beginning of the season, to 841 million tons.
Based on these forecasts for stocks and consumption in the world, their ratio in the season
2022-2023 may amount to 29.4%, which is lower than the previous agricultural season of 30.9 percent.
It is assumed that the volume of world grain trade in the season 2022-2023 will decrease by 2.2%, to 469 million tons.
