The International Grain Council made small changes to its supply and demand estimates in its March report for the 2022-23 crop year.
The changes were due to a projected increase in global wheat production, slightly less demand for corn and a decline in overall consumption.
For 2023-24, the council forecast an upswing in world production in corn and soybeans, but it expects a reduction in wheat output.
The IGC bumped up 2022-23 world grain production from its February report by 0.9 percent at 2.25 billion tonnes. While trade was held at 407 million tonnes, consumption was trimmed 0.2 percent at 2.261 billion. In turn, that raised the global carryover 1.2 percent at 586 million tonnes.
Global wheat production for 2022-23 edged up 0.6 percent from February at 801 million tonnes, with world trade up one percent at 199 million tonnes. Although the IGC held consumption at 789 million tonnes, world ending stocks were raised 1.4 percent at 286 million.
Corn production for 2022-23 slipped 0.3 percent from last month at 1.15 billion tonnes due in part to production declines in South America.
