The UN published a report on the expected grain harvest in 2023

The UN published a report predicting a decline in the supply of cereals in the world. The food and agriculture division of the UN reports that the global grain harvest in the 2022/23 agricultural season is expected to reach 2.765 million tons. This is 1.7% less compared to the previous agricultural season. The total production of feed grains will decrease by approximately 3.3% compared to the 2021/22 agricultural season.

The UN also downgraded the forecast for the rice harvest. The reason for the decline was the reduction in acreage in China. At the same time, the UN believes that the rice harvest will be smaller compared to the last agricultural season, even despite the increase in sown areas in Bangladesh and several other Asian countries. The decrease should be 2.6%.

As for wheat, analysts remain cautiously optimistic. A UN report says that planted areas for winter wheat have been increased in several countries in the northern hemisphere. The USA is the leader here. However, the high cost of fertilizers can lead to lower yields than expected. As for Ukraine, the area under winter wheat has decreased by 40% due to the war. The positive forecast for winter wheat in the report contains India and Pakistan. India has planted record areas. A better-than-expected harvest is expected in Pakistan as the 2022 floods did not harm crops as much.

In the southern hemisphere, a record corn crop is expected in Brazil. Argentina may face problems growing this crop due to low soil moisture levels. However, the outlook for corn in Latin America is generally favorable. At the same time, corn consumption in the world is expected to decrease by 0.7%.