Global 2022/23 wheat production lowered on smaller crops in India, EU; rice output seen higher

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Global wheat production is down this month primarily on smaller crops in India and the European Union, only partially offset by an increase for Russia, the U.S. Department of Agriculture said in its latest monthly report.

It also lowered global consumption forecast and said ending stocks were also being revised down mostly on lower supplies in India.

“Imports are nearly unchanged as higher imports for Iran and Pakistan are mostly offset by lower imports for Bangladesh and Sri Lanka. Exports are up for Russia, Argentina, and Uzbekistan, but mostly offset by reductions to India,” it said.

The USDA said global production for 2021/22 is down slightly this month mostly on a smaller crop in Chile. Global consumption is fractionally lower as higher feed and residual use only partly offsets lower FSI consumption.

“Ending stocks are revised lower mostly on reductions in Argentina, Morocco, and Egypt. Imports are revised lower with reduced demand from Morocco, Sri Lanka, and United Arab Emirates. Exports are also revised lower as larger exports from Argentina are only partially offset by lower exports from Russia,” it added.

Rice

In its overview for 2022/23, the USDA said global rice production is forecast higher with improved yields for India and Peru. Global consumption is also up with increases for India and Brazil. Global stocks are projected to decline, mainly due to a large decrease in India’s carryover stocks from 2021/22. Trade is expected to decrease slightly with lower imports for Bangladesh and Egypt.

It said the 2021/22 global rice production is forecast higher this month due to higher yields for India and Brazil. Global consumption is projected up significantly, primarily on a very large increase for India, as the government is The expected to increase its rice allocation in government food security programs to make up for lower quantities of wheat.

“Global stocks are down almost 3 million tons mainly due to the offloading of Indian stocks onto the domestic market. Imports are forecast up due to increased demand from China, while exports are higher spurred by increases in Burma and Brazil,” the USDA said.

Coarse grains

Global corn production for 2022/23 is forecast up as an increase in Ukraine more than offsets minor reductions in Peru and Zambia. Global imports are forecast to decrease with a gain in the European Union not quite counterbalancing minor reductions across North Africa and the Middle East, the USDA report said.

Global exports are essentially unchanged with a small cut to Turkey. The U.S. season-average farm price is unchanged at $6.75 per bushel, the highest since the record set in 2012/13, it added.

For 2021/22, the USDA said global corn production is forecast higher as a larger crop for India more than offsets a slight cut to Mexico. Global exports are down marginally with lower forecasts for the United States and Russia more than offsetting increases in the European Union, Moldova, and Turkey. Global imports are also down with smaller forecasts for Africa, the United Kingdom, Middle East, and South America.

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