In terms of corn, global ending stocks are now projected at 301.19Mt, which is down 3.34Mt from last month’s estimate, down 5.83Mt from the previous year’s level and 12.51Mt below its 5-year average. Ending stocks in both the US and China were revised down. Global corn production was revised down by 3.84Mt to 1168.7Mt, mainly the result of weaker US and EU output for 2022/2023.

Looking at wheat, global ending stocks are seen reaching 267.54Mt for 2022/2023, which is down 1.03Mt from last month’s forecast, down 8.47Mt from last year’s levels and down a massive 17.85Mt from its 5-year average. Global wheat production was also revised lower by 2.22Mt to 781.7Mt in the October update compared to September. This puts wheat production 16.48Mt below its 5-year average and mainly reflects weaker output from the US, where 2022/2023 production was revised down from 48.5Mt in September to 44.9Mt in October.

For more analysis and opinions, see this week’s grain report.