Wheat production estimates lower than 2021 record harvest

25-04-2022 | |
Photo: Canva
Photo: Canva

Wheat production this year is slightly lower than the record harvest in the 2021-22 season. This can be deduced from an initial forecast of the International Grain Council (IGC).

For the time being, IGC aims for a wheat production of 780 million tons. That is 1 million tons less than the preliminary harvest figures of the IGC for the 2021-22 season. The grain council emphasises that the figures are very preliminary in view of the war in Ukraine.

Wheat consumption to rise

The harvest in the record year 2021 is estimated at 781 million tons of wheat. This means that production is slightly higher than consumption, which is estimated by the IGC at 778 million tons. In the coming year, according to estimates by the grain council, wheat consumption will rise to 785 million tons.

As a result, consumption exceeds production. As a result, it is currently assumed that stocks will decrease to 277 million tons by the end of the 2022-23 season. For this season, the closing stock has been increased by 1 million tons to 282 million tons of wheat compared to the estimate of a month ago.

Less grain corn

According to IGC, grain maize production will decrease by 13 million tons to 1,197 million tons in the 2022-23 season. Consumption is expected to increase by 17 million tons to 1,218 million tons. Here too, according to these figures, stocks will decrease.

Soybean production increasing

The production of soybeans, on the other hand, is increasing strongly. For the time being, a harvest of 383 million tons is assumed, which is 24 million tons more than in the current season. In this forecast, consumption will increase by 13 million tons to 373 million tons. This increases the stocks by 10 million tons to about 54 million tons. The closing stock will thus return to the level of 2019-20 and 2020-21.