WANDILE SIHLOBO: Global body forecasts second-largest grains and oilseeds crops yet
Summer production for 2022/2023 is estimated at 2.26-billion tonnes, only 1% lower than in previous season
Agricultural analysts worldwide are turning their attention to the southern hemisphere, where the 2022/2023 summer crop season commences this month. Global forecasters such as the International Grains Council (IGC) and US department of agriculture will also increasingly incorporate more information about the underlying developments at farms in their analysis. This on-the-ground insight will help improve their forecasts compared with the past few months, when they relied on historical production figures.
The IGC has released its updated view of the 2022/2023 summer grains and oilseeds production. The data painted a broadly optimistic picture, with the 2022/2023 global grains and oilseeds production estimated at 2.26-billion tonnes. This harvest is only 1% lower than the 2021/2022 season but still the second-largest crop on record...
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