Food security is a major issue in the world these days. Production disrupted by drought coupled with conflict between Russia and Ukraine, exacerbated by protectionism by food-producing countries. Most recently the United States Department of Agriculture (USDA) issued a report on world agricultural supply estimates. Global wheat supply in 2022/2023 is expected to decrease by 1.1 million tonnes to 1,051.7 million tonnes. Production in the European Union (EU), Ukraine and Argentina was revised lower. World maize production in 2022/2023 is expected to fall due to reductions for Russia, the European Union and Kenya. EU corn production is reduced with a reduction forecast for Italy.
The 2022/2023 global rice outlook is for lower supply, consumption and stocks with higher trade. Supply is projected to decrease by 1.3 million tonnes to 701.4 million tonnes due to lower initial stockpiles in India and Pakistan. Coupled with reduced production from the EU and the United States.