FAO raises wheat harvest forecast

The FAO has increased its wheat harvest estimate for the 2022-2023 season from its previous estimate in early July by nearly 7 million tons to 777 million tons. This amount is slightly lower than last season, but slightly higher than the year before.

Wheat consumption

In July, it was still assumed that production would be at almost the same level as consumption. Although the expected consumption has also increased, according to the FAO figures, production is slightly higher than consumption this season. However, stocks will hardly increase compared to last year, warns the World Food Organization.

Wheat harvests

The higher estimate of wheat production is striking in view of the drought reports in the past period. Unlike the other grains, wheat produces a larger harvest worldwide than expected in July, according to the FAO. The organization points to more favourable growth conditions in Canada and the United States. In addition, a record harvest is being harvested in Russia. According to the FAO, more wheat is also being harvested in China than previously anticipated.