The United States Department of Agriculture (USDA) recently released their second global grain export forecast for the upcoming 2022/23 season. The forecast is still very preliminary, but of note is that only 486.3 million tons of exports are expected. This is 1 million tons less than was forecast a month ago and would mark a year-on-year decline of 11.9 million tons (-2%) from the 498.2 million tons that is now expected for the current 2021/22 season. Wheat exports are still expected to rebound, while coarse grain exports are still expected to decline.
The USDA is now forecasting that global coarse grain exports in 2022/23 will total 227.6 million tons, which 600,000 tons less than was forecast a month ago and would mark a year-on-year decline of 18.3 million tons (-7%) from the 245.9 million tons that is now for the current 2021/22 season.
Global wheat exports are expected to total 204.6 million tons. This is 300,000 tons less than was forecast a month ago but would mark a year-on-year increase of 5.2 million tons (3%) from the 199.4 million tons that is now for the current 2021/22 season.
Global soybean exports (soybeans are not technically classified as a grain) are expected to total 170.3 million tons. This is 300,000 tons more than was forecast a month ago and would mark a year-on-year increase of 14.4 million tons (9%).
Global soymeal exports are expected to total 70.1 million tons. This is 300,000 tons more than was forecast a month ago and would mark a year-on-year increase of 1.3 million tons (2%).
