Global grain trade has been a problem for the dry bulk market this year as it has been in a contraction. The United States Department of Agriculture (USDA) has released their latest grain export forecast for the current 2022/23 season and continues to predict a global contraction as 488.1 million tons of exports are expected. This is 1.5 million more than was forecast a month ago but would mark a year-on-year decline of 21.9 million tons (-4%). Global soybean exports (soybeans are not technically classified as a grain) are only expected to increase year-on-year by 15.1 million tons (discussed in more detail below).
The USDA is now forecasting that global coarse grain exports in 2022/23 will total 225.1 million tons, which is 1.6 million tons (-1%) less than was forecast a month ago and would mark a year-on-year decline of 26.7 million tons (-11%).
Global wheat exports are expected to total 210.9 million tons. This is 2.2 million tons (1%) more than was forecast a month ago and would mark a year-on-year increase of 8.1 million tons (4%).
Global soybean exports are expected to total 169.1 million tons. This is 300,000 tons more than was forecast a month ago and would mark a year-on-year increase of 15.6 million tons (10%).
Global soymeal exports are expected to total 70.1million tons. This is 100,000 tons more than was forecast a month ago and would mark a year-on-year increase of 1.8 million tons (3%).
