FAO - Crop Prospects and Food Situation

The Food and Agriculture Organization (FAO) reports that global cereal production in 2022 is expected to be 2,774 million tonnes, which is a 1.3% decrease from the previous year. A substantial portion of the upward revision entails rice and, to a lesser extent, coarse grains characteristically mirroring recently released official figures. The FAO’s forecast of global rice production has been increased by 4.9 million tonnes to 517 million tonnes to include higher output in several countries. Conversely, global maize stock has been reduced by 3.2 million tonnes, leading to a decrease in global coarse grain stocks forecast. Global cereal stocks at the end of 2023 are expected to decline by 1.2% from 2021, with the world cereal stocks-to-use ratio in 2022/23 at 29.5%, still indicating an overall comfortable supply level. Finally, the report predicts a 0.8% increase in the utilization of wheat in 2022/23 due to higher feed use of wheat in the European Union, where migration from maize to wheat for feed is expected due to expected tighter domestic maize supply and heightened wheat supply levels.