FAO predicts that in 2023 world wheat production will reach 786 million tons, which will be the second record

FAO experts increased the forecast of world wheat production in 2022/23 MR by 2 million tons to a record 796.6 million tons, and the estimate of world trade in wheat by 1.6 million tons to 199.4 million tons, compared to February estimates. that world wheat stocks will grow from 293.9 million tons in 2021/22 MY to 309.5 million tons in 2022/23 MY.

The forecast for world wheat production in 2023/24 MR has been raised to 786 million tons, which will be the second historical indicator and will be 1.3% less than the 2022 harvest.

In the EU, wheat production will increase compared to the previous season thanks to the expansion of sowing areas and favorable weather. In the Russian Federation, the increase in production will be limited by the reduction of winter wheat sowing areas. In Ukraine, farmers refuse to sow wheat due to low prices and economic hardship caused by the war, so the harvest in 2023 will be much lower than the average level. In the US, rains have reduced droughts in major wheat-growing regions, so wheat production may exceed the previous season's harvest.

Today, the USDA will release its April balance sheet, which is likely to be slightly more pessimistic than the FAO estimates.