The International Grains Council (IGC) revised its forecast for global grain production in the 2022/23 season to 2,250 billion tons, up from 2,248 billion tons in the forecast released in February, primarily because of an increase in the expectation for wheat production. If confirmed, the total output volume will still be 1.79% less than the forecast of 2.291 billion tons for the 2021/22 season. For soybeans in 2022/23, the IGC reduced the production estimate by 8 million tons. Compared to 356 million tons in 2021/22, the projection decreased from 378 million tons in February to 370 million tons in the most recent survey. The forecast for soybean consumption for the 2022–2023 cycle was cut by 4 million tons from February to 370 million tons, while it was forecast at 365 million tons for the 2021–2022 cycle. Storages were expected to total 46 million tons in 2022–2023 compared to the 49 million tons forecast in February. The 2021/22 final soy stock volume was held high by 1 million tons, to 46 million tons.
Source: Canal Rural (*Translated by Ia Niani)