In the forecast of the world grain balance for 2022/23 MY published yesterday, the USDA estimated the global wheat production at 782.7 mln tonnes, which is almost 1 mln tonnes more than the previous October estimate, and 3.2 mln tonnes more than the production in 2021/22 season, ProAgro Group reports.
In particular, the forecast of wheat harvest in Australia was increased by 1.5 mln tonnes to 34.5 mln tonnes, in Kazakhstan – by 1 mln tonnes to 14 mln tonnes, in the UK – by 0.8 mln tonnes to 15.4 mln tonnes. At the same time, the grain production estimate for Argentina was reduced by 2 million tons, and for the EU – by 450 thousand tons.
As for Ukraine, the forecast of wheat production in the current season remained at the same level – 20.5 million tons, as well as the export forecast – 11 million tons.
As for corn, the estimate of global grain production by US government analysts compared to their October report was slightly adjusted, namely reduced by 365 thousand tons, and amounts to 1 168.4 million tons. At the same time, this is 49 mln tonnes less than the world corn production in 2021/22 MY. At the same time, for the USA itself, the forecast of the grain harvest this season increased by almost 900 thsd tonnes, to 353.8 mln tonnes, while, for example, for the EU, it was reduced by 1.4 mln tonnes, to 54.8 mln tonnes.
For Ukraine, the estimate of corn production, as well as the estimate of its exports in the current season, remained unchanged – 31.5 million tons and 15.5 million tons, respectively.
