WHEAT HARVEST TO REACH SECOND HIGHEST IN HISTORY: FORECAST

The Food and Agricultural Organization of the United Nations (FAO) predicts that the world production of wheat in 2023 will amount to 784 million tons. This is reported by agroportal.ua and agronews.ua.

This will be the second highest on record, although lower than the previous year, FAO said in a statement. Strong numbers are expected in North America as farmers increase plantings in response to higher grain prices.

  "In the countries of the Southern Hemisphere, the prospects for the production of forage crops in 2023 are mostly favorable, and the total volume of corn crops in Brazil is expected to reach a record level," the organization believes.

FAO also revised its forecast for global cereal production in 2022 to 2,774 million tonnes, still 1.3% lower than in 2021.

World consumption of cereals in the 2022-2023 season is forecast at 2,780 million tonnes, which is 0.6% less than in the previous season, which is largely due to the expected reduction in consumption of all major types of feed grains.

According to FAO forecasts, world grain stocks at the end of 2023 will decrease by 1.2% compared to the initial figure — to 844 million tons, as it is expected that the reduction of feed grain stocks and partially of rice will compensate for the expected increase in wheat stocks. According to new forecasts, the ratio of world grain reserves to their consumption will be 29.5%, which is considered "a generally comfortable indicator."

It is predicted that the world grain trade will decrease by 1.8% to 473 million tons.