The IGC forecasts global wheat production to decline in 2022/23 MY for the first times since 2018/19 MY to 778 mln tonnes amid expected decrease of crop size in some key exporting countries due to unfavorable weather.
They see wheat production in the EU to decline by 4.5% y/y, in Ukraine by 41%, in Australia by 15%, in Argentina by 16%. At the same time, Kazakhstan may raise wheat crop by 16% to 14 mln tonnes, Canada by 52%, Russia by 17% and the USA by 8%.
Global wheat trade may decrease by 2% y/y to 192.8 mln tonnes also due to higher crops in importing countries.
The IGC expects China to cut wheat import by 1 mln tonnes to 8.4 mln tonnes in 2022/23 MY.
You can get more detailed information about the development of global wheat market in 2022/23 MY, production forecasts and trade under condition of war in Ukraine during a grain session at the international Asia Grains&Oils Conference in Tashkent-2022 that will be held on September 14-15.