USDA 07/2022: Global Grain Market Overview

Wheat Market Overview (June)

• Global Production: Decreased mainly due to smaller harvests in the EU, Ukraine, and Argentina. This was only partially offset by increased production in Russia and Canada.

• Global Consumption: Declined primarily due to lower feed use in the EU and Ukraine.

• Ending Stocks: Adjusted downward, mainly in Ukraine and Pakistan.

• Global Imports: Increased, largely due to higher imports in Algeria, the EU, Japan, Pakistan, and Vietnam. Lower imports were seen in the US and the Philippines.

• Global Exports: Increased from Canada, Brazil, and the US, while Argentina and the EU saw decreases.

• Average Farm Prices: US seasonal average farm price decreased by 25 cents to $10.50 per bushel.

Rice Market Overview (June)

For the 2022/23 Season:

• Global Production: Forecasted to be lower due to reduced production in the EU, attributed to severe drought conditions in Spain and Italy.

• Global Consumption: Also decreased in Cambodia and Pakistan, but overall remained at record levels.

• Ending Stocks: Expected to decline, mainly due to lower ending stocks in India from the 2021/22 season.

• Global Imports: Expected to rise due to strong demand from the EU, Vietnam, and the US.

• Global Exports: Projected to increase, primarily from Cambodia and Pakistan.

For the 2021/22 Season:

• Global Production: Forecasted to be lower due to reduced average yields in Sri Lanka. Increased production in the Philippines and Senegal was insufficient to offset the decline.

• Global Consumption: Expected to rise, driven by increased demand in China, Benin, and the Philippines.

• Ending Stocks: Decreased mainly in India, Sri Lanka, and Pakistan.

• Global Imports: Anticipated to rise due to higher demand from China, Vietnam, and the Philippines.

• Global Exports: Increased from India, Pakistan, and Cambodia, contributing significantly to global exports.

Corn Market Overview (June)

For the 2022/23 Season:

• Global Production: Expected to decrease due to reduced planting in Russia, the EU, and Kenya. This decline outweighs the increase in Paraguay.

• Global Imports: Mostly unchanged, with small decreases forecasted for Costa Rica and some African countries. This essentially offsets increases in Nicaragua and the Philippines.

• Global Exports: Increased, with Paraguay’s export growth exceeding the reduction from Russia.

• Average Farm Prices: US seasonal average farm price decreased by 10 cents to $6.65 per bushel.

For the 2021/22 Season:

• Global Production: Forecasted to increase, primarily in Paraguay and the Philippines.

• Global Exports: Expected to rise, driven by increases in Ukraine, Canada, the EU, Paraguay, and Zambia, offsetting reductions in Argentina.

• Global Imports: Anticipated to increase slightly in Canada and Zimbabwe, while decreasing slightly in Africa, the Middle East, Central America, and Asia.

• Average Farm Prices: US seasonal average farm price remained unchanged at $5.95 per bushel.