Corn and all wheat stocks were above the average of trade expectations.
WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture in its June 30 Grain Stocks report estimated corn stocks in all positions on June 1 at 5.225 billion bushels, up 11% from a year earlier, including 2.841 billion bushels on farms, up 15%, and 2.384 billion bushels off farms, up 6%. Soybean stocks were estimated at 963 million bushels, up 11% from last year, with on-farm stocks at 333 million bushels, up 18%, and off-farm stocks at 631 million bushels, up 7%. Old crop all wheat stocks totaled 1.184 billion bushels, up 21% from June 1, 2016, including 192 million bushels on farms, down 3%, and 993 million bushels off farms, up 28%. Durum stocks were 36.3 million bushels, up 31%. Corn and all wheat stocks were above the average of trade expectations while soybeans were below.
In 2022-23, the International Grains Council’s July report anticipates worldwide wheat production to reach 770 million tonnes, down from 781 million tonnes in 2021-22, with 195 million tonnes available for trade.
Most wheat production comes from a handful of countries and even fewer are major exporters, according to the Food and Agriculture Organization (FAO) of the United Nations. Here’s a look at the top 10 wheat-producing countries worldwide, based on total yield in tonnes from 2000-2020 with 2022-23 production and consumption projections.
CHICAGO, ILLINOIS, US — Representatives of the grain and milling industries recently gathered July 10-13 at McCormick Place in Chicago, Illinois, US, for IFT FIRST, the Institute of Food Technologists annual event and expo.