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The International Grains Council recently released their updated outlook for the 2022-2023 marketing year. You will find that they raised their outlooks for both the total global grain production and the forecast for ending stockpiles.
- Wheat and coarse grain production are now forecast at 2.255 billion metric tons
- Up from the May prediction of 2.251 billion
- Ending stockpiles are forecast at 583 million metric tons
- Wheat output is pegged at 769 million metric tons
- Unchanged from a month ago
- Inventories are projected at 273 million tons
- Up from 271 million in May
- Corn production is now expected to be 1.19 billion metric tons
- Up from the previous prediction of 1.184 billion
- Inventory forecast rose from 269 million tons last month to 271 million this month
- The soybean production outlook rose to 390 million metric tons
- Up from 387 million in the last forecast
- Carryover stocks dropped from 58 million tons last month to 56 million in the new forecast.