In its first estimate for 2022-23, IGC noted the projections “are especially tentative given the conflict in the Black Sea region.” For total grains, IGC cut production by 12 MMT, trade by 9 MMT and carryout stocks by 26 MMT from its 2021-22 estimate. It increased total grain consumption to 2.302 billion MT (BMT). For corn, production was cut 13 MMT to 1.197 BMT, trade was lowered by 4 MMT to 171 MMT and carryout stocks were reduced by 21 MMT to 265 MMT.
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Global wheat production in 2022-23 was estimated at 780 MMT, down 1 MMT from 2021-22, and consumption was increased to 785 MMT, up 7 MMT. Total 2022-23 wheat ending stocks were projected to be 277 MMT, down 5 MMT from 2021-22.
For soybeans, 2022-23 total production was increased 5 MMT to 520 MMT, trade was cut 1 MMT to 50 MMT, consumption was raised 3 MMT to 517 MMT and ending stocks were increased 3 MMT to 184 MMT.
