LONDON, ENGLAND — Global ending stocks of total grains (wheat and coarse grains) are projected to tighten for the sixth consecutive year, according to the latest International Grains Council (IGC) grain market report released on Oct. 20.

The IGC sees endings stocks for the 2022-23 marketing year at 584 million tonnes, a 3% drop from last year’s total. Although global consumption of these grains is forecast to drop by 3 million tonnes, to 2.271 billion tonnes, production is expected to decline by 34 million tonnes, due mainly to a nearly 50-million-tonne decline in corn output.

“Much of the fall stems from a relatively steep drop in (corn), with sizeable losses expected in Ukraine, the EU and US,” the IGC said. 

In contrast, world wheat production remains unchanged from last month’s estimate at 792 million tonnes, which is 10 million tonnes higher than last year’s total. 

The IGC noted that the outlook for trade of wheat and coarse grains is cut slightly to 408 million tonnes, which would be the lowest total since the 2019-20 marketing year. The smaller trade total is due to smaller import figures for corn, primarily in Asia, and wheat and sorghum in China.

Mostly due to larger harvests in South America, global soybean production is pegged at 386 million tonnes, 9% higher than last year’s output, the IGC said. Soybean ending stocks are projected significantly higher than the previous year at 54 million tonnes, a 17% increase.