MarketsFarm — Other than a few tweaks, there were no major changes in the latest monthly report from the London-based International Grains Council (IGC) released Thursday.
In comparing the July report with that from June, the IGC tweaked its estimate for total global grain production for 2022-23. It trimmed output by 0.13 per cent at 2.252 billion tonnes, due to drought in the European Union. That reduction was also reflected in the world consumption, bringing it down to 2.277 billion tonnes. However, ending stocks were kept at 583 million tonnes.
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The July numbers are markedly lower than those for the previous year. In 2021-22 total global grain production was pegged at 2.292 billion tonnes, with 2.238 billion in total consumption, which left ending stocks at 604 million.
Wheat was nudged up by one million tonnes, with the IGC bringing its July forecast to 770 million tonnes. That change also applied to total consumption at 780 million tonnes, with the carryout inching back by one million at 272 million.
Compared to a year ago, world wheat output was 774 million tonnes, with total consumption at 778 million and ending stocks at 279 million.
Corn saw slight changes from June’s report as well, with production easing down by one million tonnes at 1.189 billion. Total consumption was cut by two million tonnes at 1.202 billion, but the carryover remained firm at 271 million tonnes.
Last year, there were 1.22 billion tonnes of corn harvested, with total consumption at 1.214 billion and a carryout of 285 million.
Soybeans had somewhat more notable alterations from June to July, with global production reduced by four million tonnes at 386 million. That reflected the losses being incurred in South America but offset a little by gains elsewhere in the world. Total consumption held firm at 376 million and the carryover was cut by two million at 54 million.
In 2021-22 world soybean production topped 351 million tonnes, with consumption at 362 million and ending stocks at 43 million.
The IGC’s next report is scheduled for Aug. 18.
