Wheat Market Overview (July)

• Global Production: Revised upward this month, mainly due to larger crop projections from Russia, China, Australia, and Canada, offsetting reductions in India, the EU, and Argentina.

• Global Consumption: Increased this month, mainly due to adjustments in feed use in Australia and Russia.

• Ending Stocks: Revised downward, primarily in India.

• Imports: Increased projections for Morocco, Algeria, and Turkey.

• Exports: Increased from Russia, Australia, Canada, Ukraine, and the U.S., balancing out reductions from the EU and India.

• U.S. Farm Price: Average seasonal price decreased from $1.25/bushel to $9.25/bushel.

Rice Market Overview (July)

2022/23 Season

• Global Production: Expected to be slightly lower this month, with reductions in India and Bangladesh, though still near last year’s record.

• Global Consumption: Slight increase with adjustments for the EU and the Philippines.

• Ending Stocks: Expected to decline, mainly due to reductions in India.

• Imports: Projected to decrease due to lower demand from Nepal and Indonesia, partially offset by higher imports for Bangladesh and the EU.

2021/22 Season

• Global Production: Slight increase due to larger harvests in Nepal.

• Global Consumption: Increase primarily in India, where government rice distribution offsets lower wheat distribution.

• Ending Stocks: Reduced mainly in India, Thailand, and Vietnam.

• Imports: Expected to rise due to higher demand from Bangladesh, the Philippines, and Iraq.

• Exports: Slight increase, mainly from India and Thailand.

Corn Market Overview (July)

2022/23 Season

• Global Production: Expected to decrease due to lower yields in the EU, Serbia, and the U.S., surpassing gains in Ukraine, Turkey, Russia, and Malawi.

• Global Imports: Rising projections for the EU.

• Global Exports: Increased forecasts for Russia, Serbia, and Ukraine, offsetting reductions for the EU and the U.S.

• U.S. Farm Price: Average seasonal price unchanged at $6.65/bushel.

2021/22 Season

• Global Production: Expected to increase due to gains in the EU, Malawi, and Bolivia.

• Global Exports: Projected to rise for Ukraine, Serbia, and the EU.

• Global Imports: Forecasted to decline due to reduced imports from Algeria, Morocco, South Korea, and Vietnam, offset by increased imports in Canada.

• U.S. Farm Price: Average seasonal price unchanged at $5.95/bushel.