Miller Magazine Issue: 153 September 2022

28 MILLER / SEPTEMBER 2022 NEWS “Pulled lower mainly by a comparatively steep drop in maize production, seen 41 million tons lower year-on- year, total grains output is forecast to contract by 2% in 2022/23. However, at 2,248 million tons, the global out- turn will still be above-average and the second largest on record,” the IGC said in its latest Grain Market Report. In its August Grain Market Report, the International Grains Council (IGC) has revised global total grain produc- tion and consumption estimates for the 2022-23marketing year. With downward adjustments for maize and sorghum more than offsetting an increase for wheat, the 2022/23 total grains pro- duction fore- cast is lowered by 4 million tons month-on- month (m/m), to 2.248 billion tons. The IGC also revised down its global grain con s ump t i on forecast by 3 million tons to 2.274 billion tons. Taking account of a smaller carry-in, the closing stocks estimate is cut by 6 mil- lion tons month-on-month to 577 million tons. IGC's global wheat production forecast for the 2022-23 season is 778 million tons. However, global wheat demand is expected to be above production. According to the report, world wheat consumption will be at 783 million tons. And IGC's global wheat trade forecast is 193 million tons. Forecasting that world corn production will be 1.179 billion tons this season, the Council projected global corn con- sumption at 1.197 billion tons and corn trade to be 173 million tons. Reflecting firmer than anticipated demand from Asian and African buyers, the forecast for rice trade in 2022 is lifted m/m, to 51.5 million tons. Chiefly linked to a reduced outlook for India’s main crop, the projection for 2022/23 global rice output is trimmed to 514 million tons. The Council’s figures for soyabean supply and de- mand in 2021/22 are little-changed m/m, with trade seen dropping by 3% year-on-year. Uprated outlooks for leading producers lift the 2022/23 output projec- tion by 3 million tons m/m, to a new peak (+11% y/y), with expectations for consumption also raised from before, while inventories are trimmed to 52 million tons. Traded volumes are predicted 1 million ton higher m/m, at around 166 million tons. IGC lowers its global grain production forecast A HAVER & BOECKER Company OUR PNEUMATIC PACKER With our pneumatic packer you can fill your valve bags fast and with highest weight accuracies. With our easy cleaning design the product change is as easy as it can be. Consider it bagged! Contact: Phone: +49 251 9796 252 E-mail: sales@behnbates.com www.behnbates.com