International Grains Council Boosts Production Outlook
The International Grains Council raised its outlook for total global grain production in the 2022-2023 marketing year, while also increasing its forecast for ending stockpiles. Wheat and coarse grain production are now forecast at 2.255 billion metric tons, an increase of four million metric tons from May’s prediction of 2.251 billion. Ending stockpiles are forecast at 583 million metric tons.
Wheat output is pegged at 769 million metric tons, unchanged from a month ago. Inventories are projected at 273 million tons, up from 271 million in May. Corn production is now expected to be 1.19 billion metric tons, up from the previous prediction of 1.184 billion. The IGC’s inventory forecast rose from 269 million tons last month to 271 million this month. The soybean production outlook rose to 390 million metric tons from 387 million in the last forecast. However, carryover stocks dropped from 58 million tons last month to 56 million in the new forecast.
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