Despite the recovery of exports from Ukraine, the world is moving towards the smallest grain stocks in recent years, as supplies are too small and the harvests of other major grain producers are smaller than originally expected.
This is reported by Reuters, analyzing data on grain supplies and crop forecasts, “ProAgro Group” reports with reference to “Economic Truth”.
Importers, food producers and livestock farmers had hoped that crop availability would improve after war-torn Ukraine resumed shipments from Black Sea ports this summer and U.S. farmers planted large crops.
But the United States, the world’s top corn producer, is expected to harvest its smallest corn crop in three years. Drought has also damaged European crops and threatens the upcoming planting season in South America,” the agency writes.
By the end of the 2022/23 crop year, global corn stocks will last only 80 days of consumption, down 28% from five years ago and the lowest level since 2010/11, according to data compiled for Reuters by the International Grains Council.
