Posted on November, 21, 2022 at 08:13 am
The International Grains Council (IGC) on Thursday trimmed its forecast for 2022/23 global wheat production by one million tonnes to 791 million tonnes.
The downward revision was driven by a diminished outlook in Argentina where a crop of 13.0 million tonnes is now expected, down from a prior forecast of 17.5 million.
The wheat crop in Argentina has been shrunk by a prolonged drought and recent cold snaps.
There were upward revisions for Turkey (19.8 million tonnes from 18.3 million) and Australia (34.7 million from 33.5 million), which partially offset the decline in Argentina.
In its monthly update, the inter-governmental body also maintained its 2022/23 world corn (maize) crop outlook at 1.166 billion tonnes.
Source: Hellenic Shipping News