RALEIGH, N.C., Feb. 16, 2023 /PRNewswire/ — For a third year in a row, the La Niña-induced dry weather has affected crop production across major origins in the Americas, however, major climate models suggests the La Niña transitioning to ENSO Neutral between February and April 2023, which means that major agricultural origins are expected to boost crop yield and replenish the stocks.
The weather conditions at the beginning of November 2023 appears mixed for corn, wheat, rice, and barley, as higher than normal temperature is forecasted across the northern hemisphere, meanwhile, global recession and limited demand could impact purchase decisions, the wheat output in MY 2022-2023 is estimated to be higher than that during 2021-2022, however, the output of corn, barley, and rice is projected to be lower due to war and weather factors, according to Beroe research.
The global grains market outlook for 2023 is impacted by various factors such as weather, war, and waning demand. The effects of La Niña fading in Q1 2023, major agricultural origins are expected to boost crop yield and replenish the stocks. While the wheat output in MY 2022-2023 is estimated to be higher than that during 2021-2022, the output of corn, barley, and rice is projected to be lower due to war and weather factors.
Additionally, a global recession and limited demand could impact purchase decisions. The outlook for prices also fluctuates depending on the grains and the impact of these factors on them.
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