CC 3020 en

Food Outlook
BIANNUAL REPORT ON GLOBAL FOOD MARKETS
FAO Food Price Index

2014-2016 =100
160
2022
145
2021
130
115
2020
100
2019
85
J F M A M J J A S O N D
June 2023
Food Outlook
BIANNUAL REPORT ON GLOBAL FOOD MARKETS
Food and Agriculture Organization of the United Nations

Rome, 2023
Required citation:
FAO. 2023. Food Outlook – Biannual report on global food markets. Rome. https://doi.org/10.4060/cc3020en
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ISSN 0251-1959 [print]

ISSN1560-8182 [online]
ISBN 978-92-5-137230-2
© FAO, 2023
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Photo credits (left to right/top to bottom):

©ALAMY; ©Shutterstock; ©iStock; ©Shutterstock; ©iStock; ©Shutterstock; ©iStock; ©iStock; ©iStock; ©Shutterstock; ©FAO; ©Shutterstock;
©iStock; ©Shutterstock; ©Shutterstock; ©iStock
HIGHLIGHTS
F
AO’s latest forecasts point to
increases in production and higher
WHEAT COARSE GRAINS
closing stocks across several basic Global wheat production, stocks and With record production expected this
foodstuffs. However, global food trade are all forecast to fall in 2023/24 year, global coarse grain supplies are
production systems remain vulnerable to from their 2022/23 record high levels. forecast to recover in 2023/24 following a
shocks stemming from extreme weather Nevertheless, with significant carryover tight season in 2022/23. Higher supplies
events, geopolitical tensions, policy stocks from last season and nearly and lower prices are predicted to support
changes and developments in other stagnant total utilization, world wheat an increase in utilization and trade.
markets, potentially tipping the delicate supplies are set to remain ample.
demand-supply balances and impacting
prices and world food security.
RICE MEAT SUGAR

Against the backdrop of production FAO’s latest forecast points to a marginal Following the downward revision to the
disruptions in 2022/23 and strong increase in global meat production 2022/23 production forecast in several
Asian demand, international rice prices in 2023, led by poultry meat, despite key growing countries, the expected
have reached their highest level since challenges to production stemming tighter global sugar supplies led to
October 2011. However, barring major from widespread animal diseases and sharp increases in world sugar prices in
setbacks, global production could high production costs. Meanwhile, a recent months. Global trade in sugar is
recover in 2023/24, which, coupled with recovery in meat import demand in Asia predicted to contract due to lower export
an anticipated stabilization in use, could is likely to foster an overall slight growth availabilities and higher import costs.
boost world rice stocks. in global meat trade.
OILCROPS DAIRY FISHERIES

With expectations of improved global FAO’s latest forecast points to a second Production growth is expected to slow
outputs exceeding utilization, FAO’s consecutive year of slow growth in world in 2023, with growth in aquaculture
forecasts for 2022/23 point to moderate milk production in 2023, primarily due to partly offset by declining catches in
stock replenishments for oilseeds and extreme weather events, lower producer capture fisheries. Inflation and economic
derived products. Preliminary projections margins and labour shortages. Following challenges are muting demand growth.
for the 2023/24 season suggest a slump last year, a slight recovery in Prices for a number of products are
further production growth across global dairy trade is expected, despite reaching new highs, although a
the oilcrops complex. likely import contractions in some slowing global economy will likely
leading importing countries. increase price sensitivity.
SPECIAL FEATURE
Food inflation in net food importing developing countries (NFIDCs): characterizing the
increase and the effect of currency movements
Since the beginning of 2021, the consumer price index (CPI), the most widely used measure of inflation, has increased to levels not
seen in decades. High and persistent inflation has a number of macroeconomic consequences that can reduce long-term prosperity.
Importantly, rising food prices can lead to social unrest and slow the efforts to fight poverty and food insecurity. This special feature
examines recent changes in the food component of the CPI for the net food importing developing countries, and the extent to which
changes in international cereal prices were transmitted to these countries, considering movements in the exchange rates.
p 135
ACKNOWLEDGEMENTS vi
Futures markets
MARKET SUMMARIES 1-9
©Shutterstock
MARKET ASSESSMENTS 10-61

Wheat 11 p 138
Coarse grains 17
Rice 24
Oilcrops, oils and meals 30 Ocean Freights
Sugar 38
Meat and meat products 43
Milk and milk products 50
Fish and fishery products 56
©iStock
SPECIAL FEATURE 62-71 p 141

Food inflation in net food importing developing countries:
characterizing the increase and the effect of
currency movements 63 Global food
import bill
MAJOR POLICY DEVELOPMENTS 72-95 ©FAO
Grains 73 FAO Food Price Index p 148

Rice 81
Meat 88 2014-2016 =100
Dairy 91 160
145
STATISTICAL TABLES 96-133 2022
130
2023 2021
MARKET INDICATORS 134-147 115
2020
Futures markets 135
Ocean freight rates 138 100
Food import bills 141
The FAO price indices 144
85
J F MAM J J A S ON D
v
ACKNOWLEDGEMENTS
The Food Outlook report is a product of the FAO Markets and Trade Division of the Economic and Social
Development Stream. This report was prepared under the overall guidance of Boubaker Ben-Belhassen,
Director and Upali W. Galketi Aratchilage, Senior Economist. Market assessments were written by a
team of economists, whose names appear under their respective market summary contributions. A
contribution by the International Grains Council on ocean freight rates for the market indicators section
is also gratefully acknowledged. The report benefited from research support from many staff, namely,
David Bedford, Harout Dekermendjian, Emanuele Marocco, Grace Karumathy, Emanuele Mazzini, Marco
Milo, Fabio Palmeri, Fetty Prihastini and the Fisheries and Aquaculture Statistics Team and GLOBEFISH.
Special thanks go to David Bedford for preparing the charts and statistical tables and to Valentina Banti
for her administrative support. Additionally, the team is grateful to Ettore Vecchione for the desktop
publishing and Ruth Raymond for her valuable editorial assistance.
vi FOOD OUTLOOK
JUNE 2023
M
SU AR
MM KE
AR T
IES
CEREALS
Market summaries
Early prospects point to a likely 1.0-percent increase in CEREAL GRAIN PRODUCTION,
global cereal production in 2023 to reach 2 813 million UTILIZATION AND STOCKS
tonnes (including rice in milled equivalent). Among the
major cereals, the bulk of the increase rests on a foreseen
rise in maize production, with increases also anticipated million tonnes million tonnes
for rice and sorghum. Partially offsetting these increases, 3000 900
wheat and barley outputs are predicted to fall below
their 2022 levels. 2700 750
FAO’s first forecast puts world cereal utilization in
2023/24 at around 2 803 million tonnes, up 0.9 percent 2400 600
from the estimated 2022/23 level; the increase stems almost
entirely from a predicted growth in utilization of coarse
2100 450
grains. Higher feed use, largely of maize, is the dominant
driver behind the expected increase, followed by growth in
1800 300
food consumption, especially of wheat and rice. Industrial 13/14 15/16 17/18 19/20 21/22 23/24
f’cast
use is foreseen to rise only marginally with expanded use Production (left axis) Utilization (left axis)
anticipated for maize, rice, and barley. Stocks (right axis)
Based on FAO’s initial forecasts for global cereal
production in 2023 and utilization in 2023/24, global cereal
WORLD CEREAL MARKET AT A GLANCE
stocks could rise by 1.7 percent above their opening levels,
reaching a record 873 million tonnes. Among the major
2021/22 2022/23 2023/24 Change:
cereals, the increase in maize inventories is expected to be estim. f’cast 2023/24
the largest, followed by those of rice and barley. By contrast, over
2022/23
stocks of wheat and sorghum will likely fall below their
million tonnes %
opening levels. With the current forecasts for utilization
WORLD BALANCE
and stocks, the world cereal stocks-to-use ratio would Production 2 813.4 2 786.5 2 813.1 1.0
decline fractionally, from 30.6 percent in 2022/23 to 30.4 Trade 1
482.8 471.6 471.6 0.0
percent in 2023/24. Total utilization 2 801.7 2 777.6 2 803.8 0.9
Pegged at 472 million tonnes, world trade in cereals Food 1 174.3 1 185.0 1 193.2 0.7
is forecast to remain near the 2022/23 level. An expected Feed 1 054.3 1 029.3 1 044.7 1.5
decline in global wheat trade is foreseen to offset predicted Other uses 573.0 563.4 565.9 0.4
increases in the world trade of coarse grains and rice. In May Ending stocks2 856.8 858.2 873.0 1.7
2023, the FAO Cereal Price Index averaged 129.7 points, SUPPLY AND DEMAND INDICATORS
down 43.9 points (25.3 percent) from last year’s record Per caput food consumption:
value, reflecting sharp declines in the world prices of wheat World (kg/yr) 148.5 148.6 148.3 -0.2
LIFDC (kg/yr) 151.6 151.5 150.8 -0.5
and coarse grains; rice prices, however, have increased
World stocks-to-use ratio (%) 30.8 30.6 30.4
above their previous year values. Although the FAO Cereal
Major exporters stocks-to- 19.2 20.5 20.9
Price Index dropped below its May 2022 record level, in May disappearance ratio3 (%)
2023 it was still 8.8 points (7.1 percent) above its last five- FAO CEREAL PRICE INDEX 2021 2022 2023 Change:
(2014-2016=100) Jan-May Jan-May
year average value for the same month. 2023
over
Jan-May
2022
%
131 155 140 -25
1
Rice in milled equivalent.
2
Trade refers to exports based on a July/June marketing season for wheat and
coarse grains and on a January/December basis for rice.
3
May not equal the difference between supply (defined as production plus
opening stocks) and utilization due to differences in indivdual countries’
marketing years.
4
Low-Income Food-Deficit countries marketing years.
FOOD OUTLOOK 1
JUNE 2023
WHEAT
Market summaries
Following a season of record-high world production, stocks WHEAT PRODUCTION, UTILIZATION AND
and trade in 2022/23, global wheat markets are expected STOCKS
to tighten slightly in 2023/24 but should remain adequately
supplied. Total wheat output in 2023 is pegged at 777 million
tonnes, representing a 3.0 percent fall from the all-time high million tonnes million tonnes
reached in 2022. The bulk of the foreseen decline is expected 850 350
to occur in the Russian Federation and Australia, following

800 300
record-high outputs in both countries in 2022, while smaller
declines are anticipated in several other leading producers,
750 250
including Ukraine and Kazakhstan.
Global total wheat utilization in 2023/24 is predicted 700 200
to remain nearly stable at 780 million tonnes, up just 0.1
percent from 2022/23 and marginally below the 10-year 650 150
trend. A 0.7 percent rise in the food consumption of wheat

600 100
is foreseen, balancing expected reductions of 1.3 percent in 13/14 15/16 17/18 19/20 21/22 23/24
f’cast
feed utilization and 1.4 percent in other uses of wheat. Production (left axis) Utilization (left axis)
Based on preliminary forecasts for 2023 production and Stocks (right axis)
2023/24 utilization, world wheat stocks are set to fall by
0.7 percent from their record opening levels to 308 million
tonnes by the close of the seasons in 2024. Most of the WORLD WHEAT MARKET AT A GLANCE
expected drawdown will be concentrated in the Russian
2021/22 2022/23 2023/24 Change:
Federation, with smaller drops foreseen in the United States estim. f’cast 2023/24
over
of America (United States) and Kazakhstan. By contrast, 2022/23
stocks in China and India are expected to increase, partly million tonnes %
offsetting the declines. WORLD BALANCE
World trade in wheat (including wheat flour in wheat Production 777.7 800.9 776.7 -3.0
equivalent) in 2023/24 (July/June) will likely fall by 3.0 Trade1 195.9 199.6 193.7 -3.0
percent to 194 million tonnes. This anticipated decline is Total utilization 774.6 779.7 780.3 0.1
underpinned by smaller wheat purchases by China and the Food 524.0 530.7 535.0 0.8
European Union, where imports are boosted to high levels Feed 147.7 151.2 153.0 1.2
Other uses 89.9 92.7 91.7 -1.1
in 2022/23 due to large flows from Ukraine. On the export
Ending stocks2 295.1 310.7 308.5 -0.7
side, expected declines in sales by Australia and Ukraine are
SUPPLY AND DEMAND INDICATORS
foreseen to outweigh anticipated increases in shipments from
Per caput food consumption:
Argentina and the European Union.
World (kg/yr) 67.1 67.1 67.0 -0.1
International wheat export prices have generally faced
LIFDC (kg/yr) 39.2 38.8 38.7 -0.3
downward pressure since mid-2022, as supply prospects
improved, uncertainty regarding Ukraine’s exports eased with Major exporters stocks-to- 16.0 19.1 17.7
the implementation of the Black Sea Grain Initiative, and disappearance ratio3 (%)
importers diversified their sources. Heading into 2023/24 FAO WHEAT PRICE INDEX4 2021 2022 2023 Change:
(2014-2016=100) Jan-May Jan-May
with ample anticipated global supplies, world wheat prices 2023
over
will start the 2023/24 season at lower levels, with prices in Jan-May
2022
May down 35 percent from May 2022 but 4 percent above %
their five-year average value for the same month. 132 165 138 -32%
1
Trade refers to exports based on a common July/June marketing season.
2
Contact: carryover stocks) and total utilization due to differences in individual country
marketing years.
Erin Collier 3
Major exporters include Argentina, Australia, Canada, the European Union,
Jonathan Pound (Production) Kazakhstan, the Russian Federation, Ukraine and the United States of America.
4
Derived from the International Grains Council (IGC) wheat index.
2 FOOD OUTLOOK
JUNE 2023
COARSE GRAINS
Market summaries
World production of coarse grains in 2023 is forecast to COARSE GRAIN PRODUCTION,
rise by 3.0 percent from the 2022 reduced level, reaching UTILIZATION AND STOCKS
1 513 million tonnes, with most of the increase resting on
an anticipated higher production of maize and a foreseen
smaller increase for sorghum. Much of the expected growth million tonnes million tonnes
is concentrated in the United States of America, Brazil and 1600 400
the European Union.

1500 350
World trade in coarse grains in 2023/24 is predicted
to reach 221 million tonnes, up 1.4 percent from the
1400 300
estimated level for 2022/23, driven by expectations of a
growth in sorghum trade and a smaller rise in maize trade. 1300 250
The increase stems from anticipated larger imports of all
major coarse grains by China (mainland) and an expected 1200 200
rebound in maize imports by several countries, mostly in

1100 150
Asia, from their reduced purchases last season. On the 13/14 15/16 17/18 19/20 21/22 23/24
f’cast
export side, expected rebounds in sales by the United States Production (left axis) Utilization (left axis)
of America (United States) of both sorghum and maize are Stocks (right axis)
seen as predominantly boosting exports, while a foreseen
smaller increase in maize shipments from Brazil should also
contribute to expanding trade globally. WORLD COARSE GRAIN MARKET AT
A GLANCE
Higher supplies and lower prices are expected to support
a 1.7 percent expansion in total utilization of coarse 2021/22 2022/23 2023/24 Change:
estim. f’cast 2023/24
grains in 2023/24, led by a robust recovery in the feed use over
component, along with growth in industrial use and food 2022/23
consumption. Strong feed demand, largely for maize, in million tonnes %
Brazil, China (mainland) and the United States of America WORLD BALANCE
Production 1 509.7 1 468.8 1 513.0 3.0
(United States) are the main drivers behind the 2.6 percent
Trade1 230.9 218.4 221.4 1.4
forecast increase in total feed use of coarse grains, while
Total utilization 1 504.4 1 478.2 1 503.3 1.7
higher use of maize in Brazil and the United States for
Food 224.4 227.8 229.5 0.8
ethanol is behind the 1.0 percent predicted rise in global
Feed 878.2 855.3 875.2 2.3
industrial use.
Other uses 401.7 395.1 398.6 0.9
The forecast for global inventories of coarse grains
Ending stocks 2
364.8 352.6 366.2 3.9
by the close of seasons in 2024 is pegged at 366 million SUPPLY AND DEMAND INDICATORS
tonnes, up 3.9 percent from 2022/23. An expected rise Per caput food consumption:
in maize inventories, largely in the United States, makes World (kg/yr) 28.4 28.6 28.5 -0.3
up the majority of the forecast increase, with a smaller LIFDC (kg/yr) 60.9 61.5 61.0 -0.8
increase anticipated for barley stocks. As a sign of generally World stocks-to-use ratio (%) 24.7 23.5 23.6
improved supply prospects in 2023/24, the ratio of major Major exporters stocks-to- 13.0 13.0 14.4
disappearance ratio3 (%)
exporters’ stock-to-disappearance (defined as domestic
FAO COARSE GRAIN PRICE 2021 2022 2023 Change:
consumption plus exports) is predicted to increase from INDEX (2014-2016=100) Jan-May Jan-May
2023
13.0 percent in 2023/23 to 14.5 percent in 2023/24. over
Jan-May
2022
%
145 169 154 -0.2
1
Contact: 2
May not equal the difference between supply (defined as productionn plus
opening stocks) and utilization due to differences in indivdual countries’
Erin Collier marketing
3
Jonathan Pound (Production) Kazakhstan, the Russian Federation, Ukraine and the United States of America.
4
Derived from International Grains Council (IGC) wheat index.
FOOD OUTLOOK 3
JUNE 2023
RICE
Market summaries
Reflecting the positive incentives provided by generally RICE PRODUCTION, UTILIZATION AND
higher producer prices, easing fertilizer costs and STOCKS
continuing government assistance measures, global rice
production is forecast to recover by 1.3 percent in 2023/24
million tonnes, milled eq. million tonnes, milled eq.
to 523.5 million tonnes (milled basis). With the exception of
530 200
Latin America and the Caribbean and Oceania, all regions
are predicted to harvest more than they did in 2022/23,
505 175
although, amid heightened weather uncertainties, output
in Asia could remain below previous records.
480 150
Following three years of successive expansion, tighter
exportable availabilities and higher overall import costs
are predicted to depress international trade in rice by 4.3 455 125
percent in 2023 to 53.6 million tonnes. All regions, other

than Latin America and the Caribbean, are anticipated 430
14/15 16/17 18/19 20/21 22/23 23/24
100
to reduce their levels of purchases from 2022, although f’cast

Production (left axis) Utilization (left axis)
efforts to contain inflationary pressure could keep imports,
particularly by Asia, at relatively abundant levels. On the Stocks (right axis)
export side, India is forecast to register the largest absolute
export reduction. A sizeable export contraction is also
envisaged for Pakistan, with Argentina, Brazil, the Russian
Federation and the United States of America expected to WORLD RICE MARKET AT A GLANCE
export less as well.
Continued reductions in the use of rice for animal 2021/22 2022/23 2023/24 Change:
f’cast f’cast 2023/24
feed could contrast with another expansion in food use in over
2022/23
2023/24, resulting in total rice utilization stabilizing around
million tonnes, milled equivalent %
520.1 million tonnes. As this level would fall short of
WORLD BALANCE
anticipated production during the season, world rice stocks
Production 526.0 516.9 523.5 1.3
at the close of 2023/24 marketing seasons could rise 1.8 Trade 1
56.0 53.6 56.6 5.5
percent above their opening level to 198.3 million tonnes. Total utilization 522.7 519.8 520.1 0.1
Exporting countries are envisaged to drive this expansion, Food 419.1 422.3 424.8 0.6
although importers could also end with more on reserve. Ending stocks 2
197.0 194.8 198.3 1.8
After rising during much of 2022, international rice SUPPLY AND DEMAND INDICATORS
prices have remained on an upward trajectory in 2023, Per caput food consumption:
underpinned by strong demand from Asian buyers and World (kg/yr) 53.0 53.0 52.8 -0.3
production disruptions registered in 2022/23 in some LIFDC (kg/yr) 51.5 51.1 51.1 0.1
suppliers. This has been reflected by the FAO All Rice Price World stocks-to-use ratio (%) 37.9 37.5 37.8
Index, which, at a value of 127.8 points in May 2023, stood Major exporters stocks-to- 28.7 29.5 30.6
disappearance ratio3 (%)
at its highest level since October 2011.
FAO RICE PRICE INDEX 2021 2022 2023 Change:
(2014-2016=100) Jan-May Jan-May
2023
over
Jan-May
2022
%
106 109 125 19.7
Calendar year exports (second year shown).

Contact:
1
2
carryover stocks) and total utilization due to differences in individual country
Shirley Mustafa marketing years.
3
Major exporters include India, Pakistan, Thailand, the United States of
America and Viet Nam.
4 FOOD OUTLOOK
JUNE 2023
OILCROPS
Market summaries
Global oilseed production is forecast to rebound in FAO MONTHLY INTERNATIONAL PRICE
2022/23, mainly driven by expected higher outputs of INDICES FOR OILSEEDS, VEGETABLE OILS
soybean and rapeseed, more than offsetting reduced AND MEALS/CAKES (2014-2016=100)
production levels foreseen for sunflower seed and other
oilseeds. Despite prospects of a significantly lower soybean
260
crop in Argentina due to poor weather conditions, global Vegetable oils
soybean production is expected to recover owing to a
bumper harvest in Brazil. World rapeseed production 210
Oilseeds
is estimated to reach a record high, linked to higher
outputs across Australia, Canada and the European
160
Union. By contrast, global sunflower seed production
could decline, primarily due to a sharply lower crop in
Ukraine amid the war. 110
World meals/cakes outputs are forecast to increase,
Meals/cakes
while consumption growth could remain subdued,
60
reflecting protracted lacklustre demand from the livestock 2015 2016 2017 2018 2019 2020 2021 2022 2023
sector, primarily in China. With global oilmeal production
forecast to exceed utilization, the carry-over stocks are set
to recover from the previous season. Similarly, world oils/
fats production is seen expanding, facilitated by a steady WORLD OILCROP AND PRODUCT MARKET
increase in global palm oil output. The global utilization
AT A GLANCE
of vegetable oils is expected to grow after stagnating 2020/21 2021/22 2022/23 Change:
in the past two consecutive seasons, broadly tied to over
the expectations of rising food consumption, mainly in 2021/22
million tonnes %
Asia, and higher uptakes from the biodiesel industry for
TOTAL OILCROPS
both discretionary and obligatory blendings. Global oils/ Production 624.1 617.3 638.4 3.4
fats carry-over inventories are expected to accumulate OILS AND FATS
moderately, as global production is forecast to surpass Production 243.2 246.7 253.4 2.7
Supply 278.3 278.9 285.9 2.5
consumption by a small margin. International trade is
Utilization 246.9 245.0 252.4 3.0
predicted to rebound for both oilmeals and vegetable oils Trade 133.6 126.8 137.2 8.2
due to revived import demand that coincides with improved Global stocks-to-use ratio (%) 13.0 13.3 13.5
global supplies. Major exporters stocks-to-
disappearance ratio (%)
As for the upcoming 2023/24 season, highly preliminary 9.7 10.2 9.8
MEALS AND CAKES
forecasts indicate a continued output increase across the
Production 161.4 158.5 163.9 3.4
oilcrops complex. As international prices for oilseeds linger
Supply 191.9 187.3 189.3 1.1
above recent average levels, total planted areas will likely Utilization 160.3 160.7 162.1 0.9
continue to expand, while yields could also increase, barring Trade 103.1 101.4 106.1 4.7
major weather issues. Assuming a continuation of modest Global stocks-to-use ratio (%) 18.0 15.8 16.0
Major exporters stocks-to-
growth in global utilization, anticipated world supplies disappearance ratio (%) 10.0 9.2 8.3
should be sufficient to satisfy the projected demand for FAO PRICE INDICES 2021 2022 2023 Change:
(Jan-Dec) Jan-May Jan-May
vegetable oils and oilmeals, and further restocking could (2014-2016=100) 2023
thus be expected for these products. over
Jan-May
2022
%
Contact: Oilseeds 139 158 134 -21.7
Meals/cakes 116 133 133 -3.0
Di Yang Vegetable oils 165 188 131 -40.6
Note: Kindly refer to footnote 1 on page 30 and to table 2 on page 33 for further
explanations regarding definitions and coverage.
FOOD OUTLOOK 5
JUNE 2023
SUGAR
Market summaries
FAO’s forecast for world sugar production in 2022/23

(October/September) is pegged at 177.5 million tonnes, INTERNATIONAL SUGAR PRICES*
up 1.9 million tonnes, or 1.1 percent, from the 2021/22
outturn. The foreseen increase is largely attributed to
prospects of a significant recovery in production in Brazil, US cents per lb.
30
the world’s largest sugar producer and exporter. However,
this forecast is below FAO’s preliminary expectations due
25
to lower-than-earlier-anticipated outputs in China, the 2023
European Union, India, Mexico and Thailand. 2021
20
Global sugar consumption is forecast to continue increasing
for a third successive season in 2022/23, up 1.6 million tonnes, or 2022
2020
15
0.9 percent, from the previous season. Overall, the year-on-year
growth is expected to mostly originate in Africa and Asia, driven 2019
10
by population and income growth. However, the increase in
world sugar consumption forecast was limited by the projected
5
deceleration in global economic growth in 2023 and high world J F M A M J J A S O N D
sugar prices. The anticipated growth in world sugar intake,

* as measured by the International Sugar Agreement (ISA)
combined with the downward revision to the global production
forecast, should reduce the world sugar production surplus to 1.4
million tonnes from the 4.9 million tonnes previously expected.
The forecast for the world sugar trade in 2022/23 stands WORLD SUGAR MARKET AT A GLANCE
at 60.7 million tonnes, which corresponds to a 1 percent drop
2020/21 2021/22 2022/23 Change:
from the estimated volume for 2021/22. The contraction is estim. f’cast 2022/23
over
the result of an anticipated reduction in exportable supplies in 2021/22
the European Union, India and Mexico, more than offsetting million tonnes %
foreseen larger shipments from Brazil. On the import side, slower WORLD BALANCE
global economic growth, coupled with high world sugar prices, Production 169.1 175.6 177.5 1.11
is anticipated to curb global demand for sugar. In particular, in Trade* 60.8 61.3 60.7 -1.00
China, the largest international sugar buyer, imports are forecast Total utilization 170.0 174.5 176.1 0.93
to decline for the second consecutive season amid high world Ending stocks 111.8 112.6 113.8 1.03
sugar prices and adequate domestic availabilities. By contrast, SUPPLY AND DEMAND INDICATORS
sugar imports by the European Union are set to increase Per caput food consumption:
sharply from last year on the back of high domestic prices and World (kg/yr) 21.7 22.1 22.1 0.09
lower production. LIFDC (kg/yr) 12.8 13.0 12.9 -0.61
International sugar prices have overall increased since World stocks-to-use ratio (%) 65.7 64.5 64.6 0.10
ISA DAILY PRICE 2021 2022 2023 Change:
November 2022, and in May 2023 they were at their highest AVERAGE (US cents/lb) Jan-May Jan-May
level since October 2011. The price increases were mainly the 2023
over
result of tightening global supplies. Further upward pressure Jan-May
2022
on prices was exerted by the slow start of the 2023 harvest in %
Brazil, caused by heavy rains. In addition, the Brazilian real has 17.67 18.49 21.83 15.87
generally appreciated against the United States a dollar since
*
Trade figures refer to exports
December 2022, affecting exports and contributing to higher
world sugar prices.
Contact:
Elmamoun Amrouk
Fabio Palmeri
6 FOOD OUTLOOK
JUNE 2023
MEAT AND MEAT PRODUCTS
Market summaries
World total meat production in 2023 is forecast to increase FAO INTERNATIONAL MEAT PRICE INDEX
marginally to 364 million tonnes (carcass weight equivalent), (2014-2016 = 100)
principally driven by an anticipated increase in global
poultry meat production, which is forecast to expand the
130
most by volume, facilitated by increased demand from the
food services sector and its general appeal as a relatively
affordable meat type, despite widespread outbreaks of
120
the highly pathogenic avian influenza virus and elevated 2022
2023
feed prices. Global ovine meat production is also expected
to increase in Asia and Oceania. By contrast, global pig 110
meat production is expected to drop slightly, principally 2021
underpinned by a steep drop in output in Europe due to

the continued impact of the African swine fever virus, 100
weaker producer margins and somewhat lower domestic

demand. Global bovine meat production is also forecast to
90
fall marginally on lower cattle inventories, high feed costs, J F M A M J J A S O N D
forage shortages and lower carcass weight in several leading Source: FAO.
producing regions, despite some increases elsewhere.

World trade in meat and meat products is forecast to
reach 42 million tonnes (carcass weight equivalent) in 2023,
only slightly above the 2022 level. This slight growth is WORLD MEAT MARKET AT A GLANCE
underpinned by expectations of import expansions together
2021 2022 2023 Change:
with increased food services sales, particularly in China, estim. f’cast 2023
over
following the end of the country’s restrictions related to 2022
the COVID-19 pandemic. However, rising availabilities million tonnes %
from domestic sources and lower consumer purchasing (carcass weight equivalent)
WORLD BALANCE
power amid high food prices and economic downturns
Production 356.9 362.6 363.9 0.4
could lead to import declines in most meat importing
Bovine meat 74.9 76.3 76.1 -0.2
countries, partially offsetting the foreseen increases.
Poultry meat 138.2 140.8 142.7 1.3
Much of the expected increased demand is likely to be
Pigmeat 120.9 122.3 121.7 -0.5
supplied by Brazil and Australia, facilitated by the high
Ovine meat 16.4 16.7 16.8 1.0
availability of exportable supplies, disease-free status and
Trade 42.0 41.8 42.1 0.6
competitive prices.
Bovine meat 12.1 12.6 12.8 1.2
Since reaching an all-time high in June 2022,
Poultry meat 15.8 16.3 16.4 1.0
international meat prices have trended downward in the
Pigmeat 12.7 11.5 11.4 -1.0
second half of last year, reflecting increased exportable
Ovine meat 1.1 1.1 1.1 5.2
availabilities in some leading exporting countries amid
lower import demand for spot supplies. However, the
FAO Meat Price Index rebounded from February 2023,
World (kg/year) 45.0 45.2 45.0 -0.4
mainly driven by pig and bovine meat prices amid supply
Trade - share of prod. (%) 11.8 11.5 11.6 0.2
limitations and, more recently, rising poultry meat prices due
FAO MEAT PRICE INDEX 2021 2022 2023 Change:
to high demand. (2014-2016=100) Jan-May Jan-May
2023
over
Jan-May
2022
%
Contact:
108 119 115 -2.8
Upali Galketi Aratchilage
Emanuele Marocco
FOOD OUTLOOK 7
JUNE 2023
MILK AND MILK PRODUCTS
Market summaries
World milk production in 2023 is forecast to reach 944 FAO INTERNATIONAL DAIRY PRICE INDEX
million tonnes, an increase of 0.9 percent from 2022. If (2014-2016 = 100)
confirmed, this would constitute a second consecutive year
of slow growth, as foreseen significant year-on-year volume
160
reductions in milk output in South America, Africa, Europe
and Oceania are likely to counter the limited expansions
2022
expected in Asia, North America and Central America and
the Caribbean. Rising milk yields and cattle numbers in 140
India and Pakistan, together with high output in large-scale
dairy farms in China, are likely to drive Asia’s milk output 2023
expansion. Similarly, increasing yields and dairy cow numbers 2021
could lift milk output in North America, despite lower milk 120
producer margins and a potential increase in cattle slaughter

amid attractive premiums for slaughter-ready cows. Mexico
will likely drive the milk output expansion in Central America
100
and the Caribbean, where improved management systems J F M A M J J A S O N D
Source: FAO.
and technology continue to drive production growth. Much
of the output decline anticipated in 2023 is attributable to
lower producer margins, the potential impact of extreme
weather events and other challenging production conditions,
especially labour shortages. WORLD DAIRY MARKET AT A GLANCE
World total trade in dairy products is forecast at 85
million tonnes (in milk equivalents) in 2023, nearly stagnant 2021 2022 2023 Change:
estim. f’cast 2023
at the last year’s level, as higher import demand in Central over
2022
America, North Africa, the Middle East and South East Asia
million tonnes (milk equivalent) %
is likely to be counterbalanced by likely import downturns
WORLD BALANCE
in China, the European Union and Malaysia, among others.
Total milk production 931.1 935.9 944.0 0.9
Rising supplies from national sources and high stocks,
Total trade 88.6 84.6 85.0 0.5
especially of whole milk powder, underpin much of the
anticipated import contraction in China. In many developing Per caput food consumption:
countries, challenging economic conditions, currency World (kg/year) 117.7 117.4 117.4 0.0
depreciations and the limited availability of foreign exchange Trade - share of prod. (%) 9.5 9.0 9.0 -0.4
could constrain import purchases. These contractions are FAO MEAT PRICE INDEX 2021 2022 2023 Change:
expected to be partially offset by likely higher imports (2014-2016=100) Jan-May Jan-May
2023
by several countries, especially Algeria, Mexico, Australia over
Jan-May
and Indonesia, driven by growing demand from the food 2022
%
processing industry, which exceeds national supplies.
119 142 126 -11.1
The FAO Dairy Price Index averaged 118.7 in May,
down 21 percent from June 2022, when it reached its
highest value in eight years. The decline principally reflects
lacklustre global import demand, especially for spot supplies,
notwithstanding generally tight supplies from leading
global exporters.
Contact:
Upali Galketi Aratchilage
Harout Dekermendjian
8 FOOD OUTLOOK
JUNE 2023
FISH AND FISHERY PRODUCTS
Market summaries
The global fisheries and aquaculture sector is expected
FAO FISH PRICE INDEX (2014-2016 = 100)
to face a muted demand outlook across most major
commodity groups in 2023. Consumer spending power
170
in major markets has been eroded considerably in
the past year as a result of inflation, while economic 150
uncertainties have weakened growth. Global production
130
of aquatic animals increased by an estimated 1.2 percent
in 2022 and is expected to grow by an additional 0.6 110
percent in 2023 as lower catches are offset by increased
aquaculture production. 90
Of the major wild-caught species, reduced tuna

70
catches have caused raw material prices to rise. Prices for
cephalopods, which had been low, have recently surged, 50
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
with supplies of octopus and squid expected to tighten
in 2023. Reduced groundfish quotas have pushed prices FAO total fish price index
up this year. Landings of small pelagic species for human Capture total Aquaculture total
consumption are expected to decrease, with reduced Source of the raw data for the FAO Fish Price Index: EUMOFA,
INFOFISH, INFOPESCA, INFOYU, Statistics Norway
quotas for mackerel and herring.
There is a growing expectation among meteorologists
that an El Niño climatic phenomenon will start in August. WORLD FISH MARKET AT A GLANCE
Such an event could directly impact a number of key
stocks, mainly in South America, including the Peruvian
2021 2022 2023 Change:
anchoveta, the main source of fishmeal and fish oil. estim. f’cast 2023
over
Catches of anchoveta were poor in 2022 and, with the 2022
majority of the 2023 anchoveta quota yet to be set, million tonnes (live weight) %
there is considerable uncertainty in the market. Fish oil, WORLD BALANCE
in particular, is in very tight supply, with prices now more Production 182.1 184.4 185.5 0.6
than double the levels seen in June 2022. Any further Capture fisheries 91.2 91.0 89.5 -1.6
reduction in the supply of fishmeal and fish oil would lead Aquaculture 90.9 93.4 96.0 2.8
to an extremely tight market, placing additional pressure on Trade value 176.6 190.2 192.4 1.2
(exports USD billion)
aquaculture input prices. Trade volume (live weight) 66.8 68.0 68.2 0.3
In the second half of 2023, a strong positive outlook Total utilization 182.1 184.4 185.5 0.6
is predicted for the main aquaculture species. As of this Food 161.2 164.2 166.1 1.2
writing, shrimp prices are low, due to increased farmed Feed 16.9 16.1 15.3 -5.0
shrimp production led by enormous growth in Ecuadorian Other uses 4.0 4.0 4.0 0.0
production over the past couple of years. Pangasius is SUPPLY AND DEMAND INDICATORS
growing ever more popular as one of the most affordable Per caput food consumption:
fish on the market, with harvests increasing greatly in 2022. Food fish (kg/yr) 20.4 20.6 20.6 0.3
In the farmed Atlantic salmon sector, prices are surging From capture fisheries (kg/ 9.4 9.4 9.2 -1.8
year)
again due to robust demand and limits on the rate of global
From aquaculture (kg/year) 11.5 11.7 11.9 1.9
supply expansion. FAO FISH PRICE INDEX 2021 2022 2023 Change:
(2014-2016=100) Jan-May Jan-May
2023
over
Jan-May
2022
Contact: %
101.7 120.8 128.1 4.5
William Griffin
Audun Lem Source of the raw data for the FAO Fish Price Index: EUMOFA, INFOFISH,
Stefania Vannuccini INFOPESCA, INFOYU, Statistics Norway
* Jan-Apr2022 over Jan-Apr 2021, in percent
FOOD OUTLOOK 9
JUNE 2023
AS MMA
AS SE A RK
R
SE SSM E
SS KEETT
ME N
T
NT S
S
WHEAT
Wheat
©iStock
PRICES exporters, including especially robust sales by the Russian

Federation and Australia, have underpinned the continued
International prices down from near-record downward trend in world wheat prices, which in May 2023
highs last year were 35 percent below their values in May 2022. Although
International wheat prices have been generally coming wheat prices remain elevated – at 4 percent above their
down since surging to a near-record level in May 2022, five-year average value in May 2023 – the ample global
following the disruptions to Ukraine’s exports created supply forecast in 2023/24 portends a continued softer
by the war. The implementation of the Black Sea Grain tone in markets.
Initiative in July 2022, which allows Ukraine to export grain Similarly, wheat futures at the Chicago Board of
from its Black Sea ports, helped to reduce uncertainty and Trade (CBOT) for nearby delivery have been falling since
improve supply prospects in global markets. Since the start mid-2022, reaching their lowest level in May 2023 since
of 2023, ample supplies and strong competition among December 2020, reflecting the overall softer tone in the
Figure 1. IGC Wheat Price Index Figure 2. CBOT wheat futures for September
2014-2016=100
450 USD per tonne
500
390
400
330
300
270
200
210
100
S O N D J F M A M
2022 values 2023 values
150
2007 2009 2011 2013 2015 2017 2019 2021 2023
FOOD OUTLOOK
JUNE 2023
11
Market assessments
market due to ample supplies, fewer trade disruptions

Table 1. World wheat market at a glance
and strong competition among exporters. The September
CBOT soft red winter futures has also been on a general 2021/22 2022/23 2023/24 Change:
downward trend, averaging United States dollar 234 per estim. f’cast 2023/24
over
tonne in May, down 16 percent from the start of this year 2022/23
and 45 percent lower than in May 2022. More detailed million tonnes %
analysis of the futures markets can be found in the Market WORLD BALANCE
Indicators section of this report. Production 777.7 800.9 776.7 -3.0
Trade 1
195.9 199.6 193.7 -3.0
PRODUCTION Total utilization 774.6 779.7 780.3 0.1
Food 524.0 530.7 535.0 0.8
Production to decline in 2023 from the 2022 Feed 147.7 151.2 153.0 1.2
record level Other uses 89.9 92.7 91.7 -1.1
At 777 million tonnes, FAO forecasts a 3.0 percent year- Ending stocks2 295.1 310.7 308.5 -0.7
on-year decline in global wheat production in 2023 from SUPPLY AND DEMAND INDICATORS
the all-time high in 2022, but still marking the third largest Per caput food consumption:
World (kg/yr) 67.1 67.1 67.0 -0.1
output on record.
LIFDC (kg/yr) 39.2 38.8 38.7 -0.3
In North America, similar to the previous year, a sizeable
proportion of the winter wheat area in the United States
has suffered from persistent drought. Despite an upturn in disappearance ratio3 (%)
wheat sowings, reinforced by robust crop prices, extensive 2021 2022 2023 Change:
FAO WHEAT PRICE INDEX4
dryness has reduced yield expectations, and total production Jan-May Jan-May
(2014-2016=100) 2023
is forecast at 45.2 million tonnes, on par with the 2022 over
Jan-May
reduced output. In Canada, there are some concerns that 2022
%
dryness will develop in the western areas where the bulk
132 165 138 -32%
of the wheat crop is grown. Official production forecasts 1
currently place the 2023 wheat output 12 percent higher 2
than the past five-year average at 34.3 million tonnes, marketing years.
largely resting on an expected 7-percent expansion in spring 3
Kazakhstan, the Russian Federation, Ukraine and the United States of
sowings on account of remunerative crop prices. America.
4
Derived from the International Grains Council (IGC) wheat index.
In Europe, weather conditions across most of the
European Union have been generally beneficial for
winter wheat crops, except in Spain and Portugal, where Table 2. Wheat production: leading producers*
long-term rainfall deficits and high temperatures have
2021 2022 2023 Change:
curbed yield prospects. Reflecting the beneficial weather estim. f’cast 2023 over
conditions across the bulk of the European Union, the 2022
million tonnes %
bloc’s total wheat production in 2023 is forecast to increase
China (Mainland) 136.9 137.7 138.5 0.6
by 4 percent to 138.8 million tonnes. In the Russian European Union 138.1 134.1 138.8 3.5
Federation, total wheat production is expected to decline India 109.6 107.7 110.0 2.1
to about 83 million tonnes in 2023, following the 2022 Russian Federation 76.1 102.7 82.8 -19.3
all-time high, reflecting a contraction in wheat planted area United States of America 44.8 44.9 45.2 0.6
Australia 36.2 39.2 28.2 -28.1
due to excessive wet conditions in late 2022 and softer
Canada 22.4 33.8 34.3 1.5
crop prices. In Ukraine, the effects of the war have caused Pakistan 27.5 26.4 26.8 1.6
a significant reduction in wheat plantings, and, despite Ukraine 32.2 20.2 17.0 -15.8
the positive impact of conducive weather, production in Türkiye 17.7 19.8 18.8 -5.1
United Kingdom of Great 14.0 15.5 14.4 -7.6
2023 is foreseen to be well below the five-year average. Britain and Northern Ireland
In the United Kingdom of Great Britain and Northern Kazakhstan 11.8 16.4 14.1 -14.0
Iran (Islamic Rep Of) 10.1 13.0 13.0 0.0
Ireland (United Kingdom), following the high level of
Others 100.4 89.4 94.9 6.1
2022, wheat production is anticipated to fall moderately to
World 777.7 800.9 776.7 -3.0
14.4 million tonnes in 2023, as an expected drop in yields is
* Countries listed according to their position in global production (average 2020-
seen to offset an expansion in plantings. 2022).
FOOD OUTLOOK
12 JUNE 2023
Figure 3. Wheat production in major wheat and Tunisia, substantial soil moisture deficits have severely
producers impeded yield potential and wheat outputs are pegged well
below the five-year averages.
million tonnes
160
The planting of the 2023 wheat crop is underway in
Wheat
the Southern Hemisphere. In Australia, following two
years of bumper wheat harvests, wheat production could
120
fall by about 10 million tonnes in 2023 due to anticipated
shortfalls in precipitation associated with an El Niño event
80 in the latter half of 2023 and a likely cutback in the sown
area. In South America, wheat production is expected to
40 rebound strongly in Argentina following the drought-
stricken harvest of 2022. This is based on a return to
more conducive rains and larger plantings underpinned by
0
2019 2020 2021 2022 2023 favourable producer prices.
estim. f’cast
China (mainland) India
Russian Fed. United States European Union
TRADE
Trade likely to fall in 2023/24 from the 2022/23

In Asia, wheat prospects in India have been buoyed record
by record high plantings, although untimely rains and World trade in wheat in 2023/24 (July/June) is forecast
heatwaves have limited the production of grains and to fall by 3.0 percent from the 2022/23 record level,
raised concerns about the quality of the crop. Production down to 194 million tonnes. Most of the foreseen decline
is pegged at 110 million tonnes in 2023, about 7 million reflects anticipated smaller imports by China (mainland)
tonnes above the five-year average. In Pakistan, despite and the European Union compared to their record
earlier concerns around constrained access to inputs and purchases in 2022/23.
land due to floods in 2022, the planted area remained In Asia, aggregate wheat imports are set to decline
close to the near-average level in 2022. Weather conditions for a second consecutive season in 2023/24, to
have also been mostly favourable, lifting yield prospects. 101 million tonnes, down 5.7 percent from 2022/23.
Consequently, wheat production in 2023 is pegged at Making up the bulk of the decline, a 4.5 million-tonne
an above-average level of 26.8 million tonnes. In China drop in wheat imports by China (mainland) is anticipated
(mainland), despite elevated inputs costs, prospects due to a slight rise in domestic production and lower use
of favourable financial returns for wheat have helped of wheat for animal feed. Ample domestic supplies due to
to maintain in 2023 a similar area to the previous year. relatively high carry-in stocks are also expected to reduce
In combination with beneficial soil moisture conditions purchases by the Islamic Republic of Iran and Türkiye.
throughout the winter season, production is forecast In Europe, wheat imports in 2023/2024 are forecast to
to climb marginally to 138.5 million tonnes. In Near fall by nearly 27 percent from their 2022/23 level, attributed
East Asia, abundant rains since March in Türkiye, the to a sharp fall in imports by the European Union.
leading producer in the subregion, have alleviated earlier Following high imports in 2022/23, which reflected large
soil moisture deficits and lifted 2023 yields prospects flows from Ukraine through the Solidarity Lanes, wheat
from earlier expectations. Production is pegged at imports by the European Union are expected to fall by as
18.8 million tonnes, moderately lower than the last much as 40 percent in 2023/24 to 6.3 million tonnes, with
five-year average. production anticipated to increase in the European Union
In North Africa, apart from Egypt, which produces and to decrease in Ukraine as a consequence of the war.
wheat under irrigation, production prospects have been In Latin America and the Caribbean, 2023/24 wheat
severely hindered by extensive and widespread rainfall imports are forecast at almost 23 million tonnes,
deficits. Consequently, below-average harvests are expected remaining nearly stable compared to the 2022/23
for a second consecutive year in 2023. The least-affected levels. Brazil is set to remain the region’s largest wheat
country is Morocco, where an increase in wheat sowings importer, with purchases predicted to increase slightly
is expected to support an upturn in wheat production to to 5.8 million tonnes, due to a fall in production. Wheat
3.7 million tonnes; however, the effects of dryness will likely imports by other main importers in the region, including
keep production 35 percent below the average. In Algeria Ecuador, Chile, Mexico and Peru are forecast to remain
FOOD OUTLOOK
JUNE 2022
13
UTILIZATION
Market assessments
near their respective levels of last season.

In Africa, the continent’s total wheat imports are
forecast to rise by 5.4 percent to 54.8 million tonnes. The Consumption to remain nearly stable in
largest increase is expected in Egypt to meet domestic 2023/24
demand and maintain stock levels. Following reduced Global total wheat utilization in 2023/24 is forecast at
imports by Egypt in 2022/23 when currency depreciation 780 million tonnes, only fractionally (0.1 percent) above the
and high debt levels made importing wheat at high estimated level for 2022/23 and slightly (0.7 percent) below
international price levels difficult, expectations of lower the ten-year trend. World food consumption is forecast
international prices could support a rebound in Egypt’s to expand by 0.7 percent, to nearly 539 million tonnes,
wheat imports in 2023/24 to 12 million tonnes, re- maintaining its 69 percent share of the total use of wheat. At
establishing the country as the top wheat importer in the this level, the average world per capita wheat consumption
world. Similarly, imports by Nigeria could rebound after would remain nearly steady at around 67.0 kg per annum.
last season’s decline. Algeria is also expected to import By contrast, global feed use of wheat is forecast to
more to compensate for a forecasted fall in production, decline by 1.3 percent, to 151 million tonnes in 2023/24.
while slightly higher imports are anticipated for Ethiopia The biggest declines are expected in China (mainland) and
and the Sudan to meet domestic demand. India, where higher prices of wheat relative to other feed
Turning to export prospects for 2023/24, trends are grains should reduce the use of wheat for feeding animals in
mixed among the major exporters. After two record export both countries. In the European Union, the largest market
seasons, shipments from Australia are expected to fall for feed wheat, the use of wheat for feed is forecast to
by 28 percent in 2023/24 on account of tighter supplies remain near the 2022/23 level, supported by ample domestic
because of projected production declines. Shipments supplies and a stagnant demand.
from Ukraine are forecast to fall for a second consecutive Other uses of wheat, which include the industrial sector,
season in 2023/24 by 32 percent, as a result of the seed and postharvest losses, are also forecast to decline
continued impact of the war. Although the Black Sea to 90 million tonnes in 2023/24, down 1.4 percent from
Grain Initiative was implemented in July 2022, allowing 2022/23. Making up the bulk of this decline is an anticipated
Ukraine to ship wheat from its Black Sea ports, there fall in the industrial use of wheat in India, due to elevated
have been several logistical challenges that have hindered domestic prices.
the pace of shipments. In addition to inspection delays,
uncertainty about the initiative's extension when it is up STOCKS
for renewal has affected the pace of shipments. Ukraine’s
wheat production is also foreseen down year-on-year, Wheat inventories to fall slightly in 2023/24
reducing its exportable surplus. Tight domestic supplies and World wheat stocks are forecast to contract by
uncompetitive prices are behind an expected 5-percent fall 0.7 percent from their record-high opening levels, down
in exports from the United States, reaching their lowest
level since 1971/72. Although they could drop slightly to 308 million tonnes by the close of seasons in 2024.
from last season, exports by the Russian Federation are Figure 4. Wheat exports from the Black Sea
forecast to remain robust, reaching 45 million tonnes and
maintaining the country’s position as the world leading
million tonnes percent
exporter of wheat. 75 40
By contrast, Argentina is forecast to more than double
its sales from the decline in 2022/23, supported by an
50 35
anticipated rebound in production. The European Union
is also seen increasing its sales in 2023/24 by 9 percent,
reflecting competitive prices, ample supplies and less 25 30
competition from Ukraine to meet the strong demand from

Africa, where the European Union also has the advantage 0 25
av. 2018/19- 2021/22 2022/23 2023/24
of geographic proximity. Exports by Canada are also 2020/21 estim. f’cast
predicted to rise slightly, supported by an ample exportable Russian Federation Ukraine Kazakhstan
surplus. After rising to a record level in 2022/23, exports by
Global share of wheat exports from the common
Kazakhstan will likely remain stable in 2023/24. independent states (right axis)
FOOD OUTLOOK
14 JUNE 2023
The bulk of the year-on-year anticipated reduction in
Figure 6. Wheat imports: top 10 wheat importers
global wheat inventories is concentrated in the Russian
Federation, where stocks are forecast to drop by
million tonnes
24 percent because of expectations of a fall in production 15
2020/21-2022/23
Wheat
and a second consecutive season of record high exports. average
2023/24 f’cast
Stock drawdowns are also anticipated in the United 12
States, reaching the lowest level in 16 years, following
back-to-back below-average harvests, and in Kazakhstan, 9
due to a forecast fall in production.
Offsetting some of those drawdowns, wheat
6
inventories are set to rise above their opening levels in
both China (mainland) and India with the expected
3
production increases. In India, the official planned
procurement target of 34.15 million tonnes for the
0
2023/24 marketing year also indicates an anticipated
Un pean
co
es
sia
ria
ain a
ria
d)
t
kiy
il
pin
(m hin
yp
roc
lan
e
ion
az
ge
increase in official stocks from the multiyear low
on
ge
ro
r
ilip
Eg
Mo
Br
Tü
Ind
Eu
Ni
Al
Ph
reached last season
At current forecast levels, the world wheat stocks-to-
Figure 7. Global wheat utilization
use ratio in 2023/24 would stand at 38.9 percent, down
from the record high of 39.8 percent reached in 2022/23
but still the third highest level on record since 1982/83. million tonnes
800
The ratio of the major wheat exporters’ closing stocks to
total disappearance (defined as domestic utilization plus
600
exports), which is considered a better measure of global
availabilities, is expected to fall from 19.1 percent in
2022/23 to 17.7 percent in 2023/24. With the exception 400
of Argentina and Canada, where carryovers are set to

increase slightly, stocks held by all other major exporters 200
are seen heading for declines in 2023/24, especially in the
Russian Federation. 0
2019/20 2020/21 2021/22 2022/23 2023/24
estim. f’cast
Food use Feed use Other uses
Figure 5. Wheat exports: top 10 wheat exporters Figure 8. Wheat stocks of major exporters
million tonnes million tonnes percent

50 90 30
2020/21-2022/23
average
2023/24 f’cast
40
60 20
30
30 10
20
0 0
2009/10 2011/12 2013/14 2015/16 2017/18 2019/20 2021/22 2023/24
f’cast
10 Russian Australia United States
European Union
Fed.
Ukraine Canada Argentina Kazakhstan

0
Stocks-to-disappearance ratio of major exporters
n
ina
lia
Fe ian
Un pean
ne
Sta ited
da
sta
il
kiy
nt
tes
a
az
rai
kh
ion
na
d.
ss
str
ge
Un
ro
r
Ru
Br
za
Uk
Ca
Tü
Ar
Au
Eu
Ka
FOOD OUTLOOK
JUNE 2023
15
Market assessments
Figure 9. Wheat stocks of top importers Figure 10. Wheat stocks and ratios

200 350 50
280 40
150
210 30
100
140 20
50 70 10
0 0
0 2019/20 2020/21 2021/22 2022/23 2023/24
2009/10 2011/12 2013/14 2015/16 2017/18 2019/20 2021/22 2023/24 estim. f’cast
f’cast
Egypt Indonesia Türkiye Algeria Major China Rest of
Exporters (mainland) the World
China
Iran(Islamic Rep.of) Bangladesh Brazil World Stocks-to-use ratio
(mainland)
Stocks-to-disappearance ratio of Major Exporters
FOOD OUTLOOK
16 JUNE 2022
COARSE GRAINS*
Coarse grains
©Shutterstock
* Coarse grains include maize, barley, sorghum, millet, rye, oats and NES (not elsewhere specified)
PRICES remainder of 2022, except for short-lived periodic increases

mostly caused by uncertainty around the extension of
Prices down from record level reached in 2022 the BSGI. In 2023, international coarse grain prices eased
After reaching a record high in 2022, following the again, falling by 9 percent between January and May 2023,
disruptions created by the war in Ukraine, international mostly reflecting higher seasonal availabilities with the start
prices of coarse grains have dropped to their pre-war 2021 of maize harvests in South America, an expected record
levels. Prices fell quickly with the reopening of Ukraine’s maize harvest in Brazil and an anticipated larger output in
Black Sea ports under the Black Sea Grain Initiative (BSGI) the United States of America (United States), pointing to a
in July 2022, before remaining generally stable for the likely recovery in global supplies in 2023/24. By May 2023,
Figure 1. Maize export price (US No. 2 yellow, Gulf) Figure 2. CBOT maize December futures
USD per tonne USD per tonne
350 320
2022/23
280
305
2021/22 240
260
200
215
160
2020/21
170
120
D J F M A M
125 2022 values 2023 values

J A S O N D J F M A M J
FOOD OUTLOOK
JUNE 2022
17
Market assessments
international coarse grain prices were 28 percent below In South America, maize production in Brazil is
their May 2022 levels. forecast to break recent records to reach an all-time high
Prospects for improved export availabilities in the of 126 million tonnes in 2023. This expectation largely
2023/24 season, underpinned largely by expected larger rests on an increase in maize plantings on account of
maize harvests in Brazil and the United States, have also strong price incentives stimulated by robust domestic
weighed on futures prices recently. The Chicago Board and international demand. Yields are also expected to be
of Trade (CBOT) maize futures for delivery in December above average, despite earlier concerns over hot and dry
2023, which is the benchmark delivery month for the weather during the minor first season. By contrast, maize
new US crop, averaged USD 206 per tonne in May, down production in Argentina is anticipated to drop sharply to
12 percent from January 2023. However, high volatility in 41 million tonnes in 2023, significantly short of the five-
maize futures indicates that the overall softer outlook is year average, owing to harsh dry weather conditions.
coupled with heightened vulnerability in the market. More In Africa, sowing of the 2023 maize crop has started
detailed analysis of the futures markets can be found in the in East and West Africa, while crops are being harvested
Market Indicators section of this report. in Southern Africa. In South Africa, the continent’s
leading producer, the maize harvest is pegged at
PRODUCTION 16.5 million tonnes, the third highest level on record and
marginally above last year’s output. This expectation is
Production forecast to rise to record high based on good yield prospects, which are expected to
At 1 513 million tonnes, FAO’s first forecast for global offset the effects of a cutback in plantings amid ample
coarse grains production in 2023 suggests a 3 percent year- domestic supplies and high input costs in 2022. In
on-year increase, with the bulk of the growth linked to an neighbouring Southern African countries, adverse weather,
anticipated upturn in maize production. including cyclones and rainfall deficits, have capped
Global maize output is forecast at 1 212 million tonnes production outlooks; however, several countries are still
in 2023, 4.2 percent above the previous year’s level and likely to register harvest upturns in 2023, following the
on par with the record outturn in 2021. In Northern drought-stricken outputs in 2022.
America, where a large proportion of the global increase is In Asia, maize production in China (mainland) in 2023
concentrated, the United States is expected to harvest a is forecast at an above-average level of 281 million tonnes,
record maize crop in 2023, pegged at 387.8 million tonnes, up moderately on a yearly basis. Moderate production
11.2 percent up year-on-year. The growth primarily rests on increases are predicted in most other key producing
an expected significant expansion in sowings, underpinned countries in Asia.
by good profit prospects, amid easing input prices and The world production of sorghum is pegged at
a positive yield outlook. In Canada, largely driven by a 60.2 million tonnes in 2023, a 6.3 percent year-on-year
pullback in plantings, maize production in 2023 is forecast increase. This outlook almost entirely reflects a forecast
to decline to a near-average level of 13.9 million tonnes.
In Europe, the impact of the war in Ukraine, including
significant financial constraints across the sector and Figure 3. Major maize producers
severe logistical disruptions, points to a further sizeable
cut to the maize area in 2023. With yields also likely to million tonnes
400
decrease, reflecting limited input use, production is forecast
well below the past five-year average. In the Russian
Federation, a small upturn in plantings is foreseen, which 300
should foster an increase in maize production in 2023 to a

level slightly above the five-year average. In the European 200
Union, the forecast for maize production in 2023 is pegged
at 64.6 million tonnes, a steep 24 percent increase over the
100
reduced output gathered last year, but still a below-average
level. The foreseen rebound reflects a likely increase in
yields, bolstered by recent abundant rains, although the 0
2019 2020 2021 2022 2023
heavy downpours have also delayed sowings and could estim. f’cast
United China European
contain the area planted. Brazil
States (mainland) Union
FOOD OUTLOOK
18 JUNE 2023
increase in production in the United States, where yields are
Table 1. World coarse grain market at a glance
seen recovering following drought impacts in 2022.
Coarse grains
2021/22 2022/23 2023/24 Change: Global barley production is expected to fall by
estim. f’cast 2023/24 4.3 percent to 145.9 million tonnes in 2023. The bulk of
over
2022/23 this decline is attributed to two key producers, Australia
million tonnes % and the Russian Federation, where yields are foreseen to
WORLD BALANCE fall, following the highs achieved in 2022. The expected
Production 1 509.7 1 468.8 1 513.0 3.0 drop in yields is likely to be particularly pronounced in
Trade1 230.9 218.4 221.4 1.4 Australia, where rainfall shortages are anticipated, owing to
Total utilization 1 504.4 1 478.2 1 503.3 1.7
an imminent return of the El Niño weather phenomenon.
Food 224.4 227.8 229.5 0.8
A sizeable decrease in barley production is also forecast in
Feed 878.2 855.3 875.2 2.3
Türkiye, with yields seen retreating after the well above-
Other uses 401.7 395.1 398.6 0.9
average levels in 2022.
Ending stocks2 364.8 352.6 366.2 3.9
TRADE
World (kg/yr) 28.4 28.6 28.5 -0.3
LIFDC3 (kg/yr) 60.9 61.5 61.0 -0.8
World trade in coarse grains to increase
World stocks-to-use ratio (%) 24.7 23.5 23.6 slightly in 2023/24
Major exporters stocks-to- 13.0 13.0 14.4 FAO’s first forecast for world trade in coarse grains in
disappearance ratio4 (%) 2023/24 (July/June) is pegged at 221 million tonnes, up
FAO COARSE GRAIN 2021 2022 2023 Change:
PRICE INDEX (2014- Jan-May Jan-May
1.4 percent from 2022/23. A robust rise is forecast in global
2016=100) 2023 sorghum trade, while global trade in maize is seen rising
over
Jan-May marginally and barley trade is expected to remain near last
2022
% season’s level.
145 169 154 -0.2 Global trade in sorghum is anticipated to increase by
1
Trade refers to exports based on a common July/June marketing season. 31 percent to reach 9.5 million tonnes in 2023/24. The
2
carryover stocks) and total utilization due to differences in individual country predicted increase is on the back of a rebound in shipments
marketing years. from the United States underpinned by an expected
3
Low-Income Food-Deficit countries.
4
Major exporters include Argentina, Australia, Brazil, Canada, the European production recovery from the low output last season. On
Union, the Russian Federation, Ukraine and the United States of America.
the import side, larger purchases are expected by China
(mainland) to meet feed demand, supporting the higher
Table 2. Coarse grain production: leading producers* trade expectations.
2021 2022 2023 Change: Global maize trade in 2023/40 (July/June) is pegged
estim. f’cast 2023 over at 179 million tonnes, up 0.5 percent from 2022/23. In
2022
Asia, higher demand for maize in feed rations and lower
million tonnes %
United States of America 398.1 358.8 402.4 12.1
international maize prices relative to domestic prices are
China (Mainland) 283.5 287.5 291.5 1.4 driving expectations of an 11 percent increase in maize
European Union 157.2 133.9 148.4 10.8 imports by China (mainland), reaching 20 million tonnes.
Brazil 90.8 117.8 132.0 12.1
Argentina 70.0 67.2 49.4 -26.4
Purchases by the Islamic Republic of Iran, Japan, the
India 51.3 51.9 51.5 -0.9 Republic of Korea, and Thailand are all predicted to
Russian Federation 40.4 43.1 41.6 -3.5
rebound from their reduced levels of 2022/23, supported
Ukraine 53.4 34.4 28.7 -16.5
Mexico 33.0 32.2 32.9 2.0 by lower international maize prices. Along with a predicted
Canada 25.2 30.6 28.1 -8.2 increase in imports by Türkiye to compensate for lower
Indonesia 22.7 23.0 23.2 0.9
Ethiopia 22.8 22.1 22.1 0.0
domestic production, these increases are seen boosting total
Nigeria 21.5 21.6 21.4 -0.9 maize imports into Asia by 7 percent to 95 million tonnes
Australia 18.3 18.7 14.5 -22.5
in 2034/24. Aggregate maize imports in Africa are also
South Africa 17.6 16.6 17.1 3.0
Türkiye 13.2 17.7 14.8 -16.2 forecast to increase by 5 percent to 20 million tonnes,
Pakistan 11.2 10.4 10.5 0.8 reflecting a rebound in purchases by Egypt from a reduced
Other countries 179.6 181.3 182.9 0.9
World 1.509.7 1.468.8 1.513.0 3.0 level in 2022/23. Likewise, in Latin America and the
Caribbean, aggregate maize imports are expected to rise by
* Countries listed according to their position in global production (average
2020-2022). 3 percent in 2023/24, on the back of higher purchases by
FOOD OUTLOOK
JUNE 2023
19
Market assessments
Figure 4. Global trade of coarse grains by type Figure 5. Coarse grain exports: major exporters
million tonnes
Canada
250
Russian
Federation
Australia
200
European
Union
Ukraine
150
Argentina
Brazil
United
100
2019/20 2020/21 2021/22 2022/23 2023/24 States
estim. f’cast 0 10 20 30 40 50 60
Maize Barley million tonnes
2022/23 2023/24
Sorghum Other coarse grains (estimate) (forecast)
Mexico, the region’s largest importer, following a foreseen UTILIZATION

reduced output and low carryover stocks from 2022/23.
Partly offsetting these increases, imports into Europe are set Total utilization of coarse grains to rebound in
to fall by 26 percent, attributed to an anticipated decline 2023/24
in imports by the European Union, supported by good World utilization of coarse grains in 2023/24 is forecast
production prospects, from its elevated level in 2022/23 to to reach 1 503 million tonnes, 1.7 percent higher than
compensate for the reduced production last year. in 2022/23 but still marginally below the 2021/22 record
Regarding maize exports, prospects vary across the main level. The main driver behind the rebound is a forecast
suppliers. The largest increase in sales is predicted for the 2.3 percent rise in feed utilization of coarse grains, seen
United States, where an increase in domestic production reaching 875 million tonnes. Accounting for the majority
could push up exports by 13 percent to 53 million tonnes, of the growth, maize feed use is anticipated to surpass its
potentially re-establishing it as the world’s leading maize 2022/23 level by 2.6 percent to reach 711 million tonnes.
exporter after being succeeded by Brazil in 2022/23. After a significant slump last season, when domestic supplies
Shipments from Brazil are also anticipated to rise by were tight and prices were high, higher production and
3 percent in 2023/24, reaching 50 million tonnes, which lower expected prices are seen supporting a strong rebound
would represent a second consecutive record-breaking (7 percent) in feed use of maize in the United States in
sales season, supported by back-to-back record harvests. 2023/24. Lower maize prices, especially imported versus
By contrast, a fall in production is seen to limit sales by domestic, relative to other grains underpin prospects of a
Argentina in 2023/24 to 28.5 million tonnes, representing 3 percent increase in maize used for feed in China (mainland).
a 3 percent decline from 2022/23. Exports in 2023/24 are A strong rise (7 percent) in feed use of maize is also expected
also forecast to fall for Ukraine to 23 million tonnes, down in Brazil, supported by large domestic supplies and robust
10 percent, reflecting the significant impact of the war on demand from the livestock sector, along with a smaller
export logistics and domestic production. (2 percent) increase anticipated in the European Union.
In line with the estimated trade for the 2022/23 season, World food consumption of coarse grains in 2023/24
FAO’s forecast for world trade in barley (excluding malt) is expected to rise by 0.8 percent from 2022/23, to
in 2023/24 is pegged at 29 million tonnes. Strong feed 230 million tonnes. At the current forecast level, food
demand is expected to boost imports by China (mainland) consumption of coarse grains represents about 15 percent of
in 2023/24, up 2 million tonnes. In the European Union, total utilization. Food consumption of maize, which accounts
ample supplies – following a year of elevated purchases for the largest share, is predicted to increase by 0.8 percent
and an anticipated production increase – are seen reducing in 2023/24 to 149 million tonnes, with the greatest increases
imports and simultaneously raising exports. By contrast, foreseen in Africa and Asia, while the highest per capita
sales by Australia could contract in view of the expected consumption continues to be in Central America and the
decline in the country’s production. Caribbean. Food consumption of barley is also projected
FOOD OUTLOOK
20 JUNE 2023
Figure 6. Maize exports: top 10 maize exporters Figure 7. Maize imports: top 10 maize importers
Coarse grains
million tonnes
60 million tonnes
25
2020/21-2022/23 2020/21-2022/23
average average
50 2023/24
2023/24 20
40
15
30
10
20
5
10
0 0
am
Un pean
bia
vin n
ion
Ko . of
o
a
Un pean
ine
n
ain a
Sta ted
da
d)
(Is an
a
Af uth
pt
in
Ch ce
c
ma
xic
ia
il
Fe ssian
(m hin
rea
iw
mi
lan
)
tes
tN
lom
ion
ina
a
of
rat
nt
az
Jap
ion
na
Ir
p
Ind
la
ra
ric
Ta
ro
i
Me
an
Eg
p.
Un
So
Re
Pro
ge
ro
C
Br
Vie
de
Co
Eu
Re
Uk
Ca
Ru
My
Eu
of
Ar
Figure 8. Sorghum exports: top 5 sorghum Figure 9. Sorghum imports: top 5 sorghum
exporters importers
million tonnes million tonnes

6 8
2020/21-2022/23
2020/21-2022/23
average
average
2023/24 f’cast
2023/24
6
2
2
0 0
United Australia Argentina Ethiopia Sudan China Japan Sudan Mexico Kenya
States (mainland)
Figure 10. Barley exports: top 10 barley exporters Figure 11. Barley imports: top 10 barley importers

8 10
2020/21-2022/23
average 2020/21-2022/23
2023/24 average
8
6 2023/24
2
2
0 0
n
Un pean
ion
Un pean
ina
e
sta
ria
de an
ai ina
an
)
gd d
isia
a
an
om
Ar udi
(Is an
e
nd
ne
ya
da
kiy
ua
ali
Kin nite
ia
kiy
mi
)
ion
Fe ussi
kh
of
nt
nla
rat
rd
ion
ge
Jap
rai
na
Ir
Ch
Lib
ab
str
ug
la
ro
n
Sa
r
r
ro
p.
ge
za
U
Tü
Jo
Tu
Tü
R
Uk
Ca
Al
Eu
Au
Ur
Re
(m
Eu
Ar
Ka
FOOD OUTLOOK
JUNE 2023
21
Market assessments
to expand by 1.2 percent in 2023/24, reaching 8 million

Figure 12. Top 10 Coarse Grains importers
tonnes, led by higher intakes in India. Similarly, sorghum
food consumption is forecast to increase by 0.6 percent
in 2023/24 to 30 million tonnes, attributed to foreseen Colombia
higher consumption in several African countries and the Saudi Arabia
European Union. Egypt
Industrial use of coarse grains is forecast to increase by Viet Nam
0.9 percent in 2023/24, underpinned mostly by a 1.0 percent Republic of
Korea
predicted rise in the industrial use of maize. The increase is Iran (Islamic
Republic of)
attributed to higher use of maize for ethanol in the United
Japan
States, where gasoline consumption and the ethanol inclusion
Mexico
rate are expected to grow, and in Brazil, given the ample European
Union
maize supplies. China
(mainland)
0 10 20 30 40
STOCKS million tonnes
2022/23 2023/24
(estimate) (forecast)
World inventories of coarse grains seen
recovering in 2023/24
After contracting in 2022/23, world stocks of coarse grains result of the anticipated rise in production. Higher domestic
are forecast to recover in 2023/24 with a 3.9 percent increase production is also seen boosting maize inventories in Brazil,
from their opening levels, reaching 366 million tonnes by the European Union, the Russian Federation, and Serbia
the end of seasons in 2024. Given the predicted rise in both and Montenegro. These increases are seen outweighing
world stocks and utilization, the world stocks-to-use ratio of expected maize inventory drawdowns in Argentina, China
coarse grains in 2023/24 is likely to stay near the 2022/23 (mainland) and Ukraine.
level, up only fractionally (0.1 percent), from 23.5 percent to Among other major coarse grains, global inventories of
23.6 percent. The ratio of major exporters’ closing stocks to barley are also predicted to increase in 2023/24, up 3.4 percent
their total disappearance (defined as domestic utilization plus from their opening levels to 35 million tonnes. Leading that
exports) is likely to increase from 13.0 percent in 2022/23 to forecast increase, a rise in barley inventories is expected in the
14.5 percent in 2023/24, indicating an increase in availabilities European Union, stemming from slightly higher production
from a global perspective. However, this increase largely amid lower consumption in 2023/24, combined with elevated
reflects the forecast rise in inventory levels in the United States import levels in 2022/23 and 2023/24. Smaller increases in
(up 20.9 million tonnes). barley stocks are expected in Kazakhstan and the United
Nearly all of the anticipated increase in world inventories States. By contrast, global sorghum inventories could drop by
of coarse grains would be due to a rise in maize stocks, which 4.4 percent to 6.5 million tonnes. Most of the decline is seen in
are expected to increase by 4.6 percent from their opening the European Union, on account of consumption outweighing
levels to 302 million tonnes, representing a partial rebound production, and in the Sudan, following an anticipated smaller
from their fall last season. Making up the bulk of the increase, domestic production.
maize inventories in the United States are set to rise by
57 percent to 56 million tonnes in 2023/24, after remaining
at tight levels for the past three consecutive seasons, as a
Table 3. Maize use for ethanol (excluding non-fuel) in the United States
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

estim. (f'cast)
Maize production 345.506 384.778 371.096 364.262 345.962 358.447 382.893 348.751 387.749
Ethanol use 132.085 132.695 137.978 142.373 136.607 127.716 135.286 133.355 134.625
Yearly change (%) 1.5 0.5 4.0 3.2 -4.0 -6.5 5.9 -1.4 1.0
As of production (%) 38.2 34.5 37.2 39.1 39.5 35.6 35.3 38.2 34.7
Source: WASDE-USDA 12 May 2023 and FAO estimates.
FOOD OUTLOOK
22 JUNE 2023
Figure 13. Maize exports from the Black Sea Figure 14. Global coarse grains utilization
Coarse grains
million tonnes percent million tonnes
40 40 1600
30 30
1200
20 20
800
10 10
400
0 0
av. 2018/19- 2021/22 2022/23 2023/24
2020/21 estim. f’cast 0
2019/20 2020/21 2021/22 2022/23 2023/24
Ukraine Russian Federation Kazakhstan estim. f’cast
Global share of maize exports from the common Feed use Food use Other uses
independent states (right axis)
Figure 15. Global barley and maize consumption Figure 16. Maize stocks for major exporters

800
100 25
80 20
600
60 15
400
40 10
200 20 5
0 0
0 2009/10 2011/12 2013/14 2015/16 2017/18 2019/20 2021/22 2023/24
2019/20 2020/21 2021/22 2022/23 2023/24 f’cast
estim. f’cast
Maize feed use Barley feed use United States Argentina Brazil Ukraine
Maize other use Barley other use
Figure 18. Coarse grain stocks and ratios Figure 17. Maize stocks for top importers

percent
400 30 250
200
300 25
150
200 20
100
100 15
50
0 10
2019/20 2020/21 2021/22 2022/23 2023/24 0
estim. f’cast 2009/10 2011/12 2013/14 2015/16 2017/18 2019/20 2021/22 2023/24
f’cast
Major China Rest of China
Mexico Japan European Union
Exporters (Mainland) the world (mainland)
World Stocks-to-use ratio Republic of Iran

Viet Nam Egypt
(Islamic Republic of)
Korea
FOOD OUTLOOK
JUNE 2023
23
RICE
Market assessments
©FAO
PRICES and 7.0 percent since the onset of 2023. These increases
were influenced by a combination of demand and supply
Rice export prices at their highest since side factors. On the demand side, prices have drawn
October 2011 support from strong purchases by Asian buyers, often
After rising for much of 2022, international rice prices have resulting from public efforts to keep domestic prices in
remained on an upward trajectory in 2023, as reflected by check and/or to reconstitute reserves. In Pakistan, in the
the FAO All Rice Price Index, rising by 7.5 percent since lead up to the country’s wheat harvest, local demand for
the close of 2022 to 127.8 points in May 2023, its highest rice was also strong. All the while, exportable availabilities
level since October 2011. Indica and Aromatic quotations tightened in some major suppliers, due to production
have spearheaded this increase, rising, respectively, by 9.5 disruptions in 2022/23 resulting from poor weather
and/or hikes in production costs. In India, where Indica
Figure 1. FAO All Rice Price Index Figure 2. FAO Rice Price Indices
2014-2016 = 100 2014-2016=100

130
2023 170
Indica Index Japonica Index
2022 Aromatic Index Glutinous Index
120 145
2020
110 120
2019
95
100
2021
70
90
Jan May Sep Jan May Sep Jan May Sep Jan May
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023
FOOD OUTLOOK
24 JUNE 2023
white rice remained subject to a 20-percent export tax, already emerging where the season is more advanced, for
further support was provided by consistently strong instance in Bangladesh and Indonesia, where plantings
government domestic purchases, despite reductions in expanded, and in Sri Lanka, where availability of, and
its main crop output. More recently, concerns over the access to, urea improved. This adds to expectations of
potential production impacts of the emergence of an output expansions in Cambodia, the Lao People’s
Rice
El Niño phenomenon have tended to add to the price Democratic Republic, Myanmar and Thailand. At
bullishness. The firmness, however, has not extended to the same time, however, many uncertainties persist for
all rice market segments. After reaching all-time nominal secondary crops being currently planted along and south of
highs in January 2023, Japonica quotations have eased by the equator and for main crops being sown in the Northern
7.5 percent, weighed by low buying interest, the arrival of Hemisphere. These uncertainties primarily surround weather
freshly harvested supplies in Viet Nam and expectations conditions, given the high probability of an El Niño event
of a rebound in Californian Calrose production. Glutinous emerging during the Northern Hemisphere summer and
prices have also shed 4.8 percent of their value since its association with reduced rainfall over parts of Southern
the close of 2022, depressed by lacklustre demand, and Southeastern Asia. In India, however, expectations
especially from China. of production shortfalls due to the phenomenon are
tempered by generally above-average water supplies in
PRODUCTION major reservoirs ensured by abundant pre-monsoon rains,
as well as forecasts calling for the concomitant emergence
Production seen staging a recovery, but of the Indian Ocean Dipole, with its positive influence on
weather uncertainties persist monsoon performance. If realised, this could help India
Reflecting the positive incentives provided by generally to replicate the record output performance of 2022/23.
higher producer prices, easing fertilizer costs and A return to more normal temperatures, compared to the
continuing government assistance measures, global rice heat wave conditions of last year, could also enable output
production is forecast at 523.5 million tonnes (milled basis) to recover in China (mainland), where, however, the
in 2023/24. This would represent a 1.3 percent upturn pace of production growth may be limited by competition
from the 2022/23 reduced level, while still representing a with other crops, given ongoing efforts to boost oilseed
comparatively subdued output expansion. production in the country. After the dismal outcomes
The global production outlook is highly influenced by registered last season, output is also forecast to recover in
expected developments in Asia, the world’s rice granary. Pakistan and Sri Lanka. This is even if successive seasons
With a total forecast harvest of 471.5 million tonnes, Asian of reduced potassic and phosphatic fertilizer applications
production in 2023/24 could end 1.0 percent above the are set to curb yield recoveries in Sri Lanka, and high
2022/23 level while still falling somewhat short of the electricity and fuel prices could impede a full upturn in
2021/22 all-time high. Indeed, evidence of good results is plantings in Pakistan. The outlook is instead negative for
Afghanistan, Iraq, the Islamic Republic of Iran and
Figure 3. Global paddy production and area Türkiye, which may see tight irrigation water supplies
depress output, in the Republic of Korea and Japan,
where poor price prospects are envisaged to curb planting,
million tonnes million ha and in Nepal, where forecasts of possible rainfall deficits in
800 170
parts of the Terai cloud output expectations.
Production prospects are positive for Africa, which could
740 163
see its aggregate harvest rise by 5.3 percent in 2023/24
to reach a fresh peak of 25.8 million tonnes, underpinned
680 156
by anticipated expansions namely in Egypt, Ghana,
Madagascar, Mali, Nigeria, Senegal and Sierra Leone.
620 149
The outlook assumes a normal climatic unfolding of the
Northern-Hemisphere summer in the region, which could
560 142
help to avert flood losses, such as those experienced last
135
season in Chad, Mali and Nigeria, among others, while
500
2014/15 2016/17 2018/19 2020/21 2022/23 2023/24
f’cast
also permitting producers to respond to generally high
Production (left axis) Area (right axis) prices by expanding plantings. Governments are likely to
provide additional support, often through self-sufficiency
FOOD OUTLOOK
JUNE 2023
25
Market assessments
programmes that make inputs available to producers and

Table 1. World rice market at a glance
seek to expand irrigation coverage. In the case of Egypt,
however, area expansions are anticipated to be limited by
2021/22 2022/23 2023/24 Change:
f'cast f’cast 2023/24 the similarly attractive prices of competing crops, including
over
2022/23
maize, while government efforts to conserve scarce water
million tonnes, milled equivalent % resources by capping plantings continue to be implemented
WORLD BALANCE in the country. In the Sahel, much will also depend on the
Production 526.0 516.9 523.5 1.3 prevailing security situation and whether farmers will be
Trade 1 56.0 53.6 56.6 5.5 able to access fields, productive inputs and markets. This
Total utilization 522.7 519.8 520.1 0.1 would be especially so for Mali, where production has
Food 419.1 422.3 424.8 0.6 remained below-normal levels for two successive seasons
Ending stocks2 197.0 194.8 198.3 1.8 because of insecurity in important central producing
SUPPLY AND DEMAND INDICATORS areas. Expectations are more subdued in eastern parts of
Per caput food consumption: the continent, where a third successive season of rainfall
World (kg/yr) 53.0 53.0 52.8 -0.3
deficits under the influence of the now dissipated La Niña
LIFDC (kg/yr) 51.5 51.1 51.1 0.1
phenomenon has hampered production. This includes the
United Republic of Tanzania, where, however, somewhat
disappearance ratio3 (%) improved precipitation since March could sustain a partial
2021 2022 2023 Change: recovery from the reduced 2022/23 crop.
FAO RICE PRICE INDEX
Jan-May Jan-May
(2014-2016=100) 2023 Marking its second successive contraction, production
over in Latin America and the Caribbean is forecast at
Jan-May
2022 17.7 million tonnes in 2023/24, down 2.2 percent year-on-
%
year. Much of this fall would be imputable to Argentina
106 109 125 19.7
and Brazil, where plantings and yields were impaired by
1
Calendar year exports (second year shown).
2
May not equal the difference between supply (defined as production plus dryness associated with the La Niña phenomenon, which
lingered throughout much of the 2023/24 crop growing
marketing years.
3
Major exporters include India, Pakistan, Thailand, the United States of period. However, for Central American and Caribbean
America and Viet Nam.
producers who are about to, or in the process of, planting
their main 2023/24 crops, the likely emergence of an El
Table 2. Rice Production: leading producers*
Niño event, with its associated repressed rains, also dampen
2021/22 2022/23 2023/24 Change: prospects. Indeed, amid erratic rains and/or profitability
f'cast 2023/24
constraints, often linked to competition with imports and
over
2022/23 persistently high production costs, only a few producing
million tonnes, milled equivalent countries in the region will likely see output expand in
China (mainland) 145.8 142.8 143.4 0.4% 2023/24, namely Bolivia, Chile, Guyana, Nicaragua and,
India 129.5 130.8 131.0 0.1% especially, Colombia and Paraguay. In Paraguay, despite
Bangladesh 37.8 38.3 38.9 1.8% some planting delays, more ample water supplies and
Indonesia 34.8 35.1 35.4 1.0% positive price prospects are expected to lift the country’s
Viet Nam 28.5 27.7 27.8 0.3% output 37.6 percent above the 2022/23 drought-affected
Thailand 21.8 22.8 23.0 1.0% result to 830 000 tonnes, while Colombia’s harvest is
Myanmar 16.5 14.8 15.6 5.0% forecast to stage a 6.9 percent, price-driven, upturn to
Philippines 13.0 12.9 12.9 -0.1% 1.9 million tonnes.
Pakistan 9.3 7.0 8.7 24.6%
In Northern America, 2023/24 production in the United
Brazil 8.0 7.3 6.8 -7.8%
States of America is forecast to rebound by 20.2 percent
Japan 7.5 7.3 7.2 -0.4%
year-on-year to 6.1 million tonnes, as improved margins
Cambodia 7.3 7.1 7.4 4.5%
encourage farmers to bring area back under long-grain
United States of America 6.1 5.1 6.1 20.2%
Nigeria 5.0 5.1 5.4 5.9%
varieties and easing drought conditions in California
Egypt 3.4 3.7 3.9 5.7% enable Japonica plantings in the state to return closer
World 526.0 516.9 523.5 1.3% to the 2021/22 level. In Europe, output in the Russian
Federation is forecast to see a 15.9 percent upturn to
* Countries listed according to their position in global production
(average of 2021/22-2023/24). 0.7 million tonnes, amid expectations of fewer losses in its
FOOD OUTLOOK
26 JUNE 2023
main growing region relative to those registered last year
Figure 4. Rice imports by region
as a result of the collapse of an important irrigation dam.
At the same time, however, prolonged dryness in the lead
million tonnes, milled eq.
up to plantings kept water availability for irrigation very 20
Africa
limited in the European Union’s largest rice producers,
Rice
Italy and Spain, obstructing farmers’ capacity to respond Far East
16
to high Japonica prices by expanding plantings. This is
expected to cause output in the European Union to fall
12
1.8 percent below the already reduced outcome of 2022/23
to 1.2 million tonnes. In Australia, Oceania’s leading Near East Asia
producing country, ample water supplies for irrigation and 8
Others
strong margins boded well for the season. Yet, untimely
rains at planting time impeded farmers from fully realizing 4
their planting intentions and pushed a portion of plantings Latin America & C.
beyond the optimal sowing window. As a result, and

0
although still remaining nearly ten–times higher than 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
f’cast
the 2020/21 drought-reduced harvest, Australian output
may fall 27.8 percent below the 2022/23 good result to
Figure 5. Rice exports by origin
333 000 tonnes.
million tonnes, milled eq.

TRADE 25
2022
Tighter exportable availabilities and higher 2023 forecast
20
import costs to depress international trade in
2023
15
International trade in rice is forecast to register its first
contraction in four years in 2023 (January–December),
10
passing from a record high of 56.0 million tonnes in
2022 to 53.6 million tonnes this year. Asia, the prime
destination of global rice flows, is expected to take delivery 5
of nearly half of this volume, or some 25.6 million tonnes,

4.7 percent less than the 2022 high. China (mainland) is 0
India Thailand Viet Nam Pakistan United Others
predicted to account for a large share of this contraction, States of
America
with purchases expected to drop by 1.1 million tonnes to
5.0 million tonnes, as a reduction in exportable availabilities Figure 6. Global rice trade and FAO All Rice Price
of fully broken rice and consequent price increases are Index
anticipated to render imported brokens a less attractive
animal feed ingredient in the country. Purchases by million tonnes, milled eq. 2014-2016=100
Viet Nam are seen falling under similar circumstances. 60 125
Sufficient local supplies are likewise forecast to enable the

48 100
Philippines to reduce its imports from the record highs
registered in 2022, while imports by Bangladesh and 36 75
Sri Lanka are expected to be affected by the lingering
weakness of their local currencies. On the other hand, 24 50
faced with high domestic rice prices or broader inflationary

12 25
pressure, some governments continue to take steps to
facilitate rice inflows from abroad through duty concessions 0 0
2014 2016 2018 2020 2022 2023
or public sector imports, thus likely contributing to keep f’cast
total Asian purchases abundant in 2023. This has been Exports FAO All Rice Price
(left axis) Index (right axis)*
most notably the case of Indonesia, which will likely see
* January-May average for 2023
its imports rise to a five-year high, as well as Türkiye, and
FOOD OUTLOOK
JUNE 2023
27
Market assessments
Bangladesh, Iraq, and the Islamic Republic of Iran, the broken export ban and the export taxes it imposed last
which could see their 2023 rice purchases remain robust by year. Australia, Cambodia, Guyana, Thailand and Viet
historical standards. Nam are all seen counting on sufficient supplies to step-up
Amid high domestic rice prices and weather-induced shipments in 2023, or to keep them at overall high levels,
production disruptions, some governments in Africa have as is expected to be the case in Paraguay and Uruguay.
also taken steps to facilitate imports. This has been the
case of Guinea-Bissau, Kenya and the United Republic UTILIZATION
of Tanzania, where import expansions are expected to be
facilitated by such measures. Demand-driven increases are Continued cuts in use of rice for animal feed to
likewise anticipated for Liberia, Mauritania and Nigeria. forestall growth in overall rice utilization
At the same time, however, Egypt, Ethiopia, Ghana, Preliminary prospects for 2023/24 point to a moderation in
and Sierra Leone could see their imports constrained world rice use, as an expansion in food use could be largely
by higher international prices, currency depreciations offset by cuts in non-food uses, particularly for animal feed.
against the United States dollar and higher import As a result, global rice utilization could remain at a total of
financing costs, adding to the disruptions to trade of fully 520.1 million tonnes (milled basis), just 0.1 percent above the
broken rice that could also cut deliveries to Senegal, in 2022/23 level. Although traditionally accounting for a small
particular. As a result, 2023 consignments to Africa, on share of overall rice utilization, the use of rice for animal feed
aggregate, could fall 5.3 percent below the 2022 level to emerged as an important driver of rice utilization between
17.7 million tonnes. 2020/21 and 2021/22, as abundant rice availabilities in the
Elsewhere, expectations of cuts in broken rice purchases context of high prices of alternative feedstuffs rendered
are also behind forecast import falls in the European rice, namely fully broken rice, an attractive feed ingredient.
Union and the United States of America, with an This trend was partly reversed in 2022/23, when tighter
anticipated rebound in local Calrose production also exportable availabilities of brokens and easing international
expected to contribute to reduce imports in the latter. grain prices caused feed use to decline. Barring major
Among the various regions, only Latin America and the disruptions, this tendency is expected to continue over
Caribbean is seen importing more in 2023. Indeed, Brazil, the course of 2023/24, which could lower overall volumes
Mexico, Panama and Peru may need to raise imports of rice destined for non-food uses by 2.2 percent to
to make up for production shortfalls, offsetting forecast 95.2 million tonnes.1 Expectations are more buoyant on the
reductions, namely in Venezuela, due to more ample food use side. Amid prospects of generally abundant supplies
local availabilities, and in Haiti, where insecurity problems in the new season, which could contribute to bring domestic
and the weakness of the gourde could continue to rice prices down in various countries, food consumption
affect purchases. is seen closely tracking or exceeding predicted population
On the export side, various international suppliers, growth in most regions. This could bring global food use
including Argentina, Brazil, the Russian Federation, the volumes to a total of 424.8 million tonnes in 2023/24, up
United States of America and especially Pakistan are 0.6 percent year-on-year. However, considering that the bulk
expected to see their 2023 rice exports hampered by supply of global consumption of rice in the new season will not
tightness stemming from output reductions. Strong local occur until late 2023 and well into 2024, much will likely
demand and macroeconomic constraints could compound depend on the economic context prevailing then as well as
the supply tightness in Pakistan, while also limiting export government policies. Indeed, easing inflationary pressure
growth in Myanmar, where stringent requirements and improved economic growth prospects could encourage
regarding the conversion of export earnings into the kyat some governments, particularly in Asia, to wind-down
have been in place since last year. India’s retreat from the expanded food distribution schemes that they have
the broken export market, following its September 2022 implemented since the onset of the COVID-19 pandemic and
prohibition of shipments of fully broken rice, is anticipated that were further reinforced last year in the context of high
to add to these reductions, lowering the country’s grain prices. This, coupled with increasingly tighter supplies
overall shipments 7.9 percent below the 2022 high to in Latin America and the Caribbean, could cause global per
20.4 million tonnes. However, at this level, Indian deliveries capita food intake to drop slightly from 53.0 kilos in 2022/23
would still be well over their pre-2021 levels, since, amid to 52.8 kilos in 2023/24.
no dearth in local supplies, Indian export prices of non-fully
broken rice remain competitive relative to other origins and 1 Other than volumes destined for animal feed, non-food uses include seeds,
the Indian Government has approved various relaxations to postharvest losses and non-food industrial uses.
FOOD OUTLOOK
28 JUNE 2023
Figure 7. Global closing stocks and stocks-to-use Figure 8. Stocks held by the five major rice
ratio exporters and stocks-to-disappearance ratio
million tonnes milled eq. percent million tonnes percent

200 40 65 35
Rice
52 28
150 30
39 21
100 20 26 14
13 7
50 10
0 0
2014/15 2016/17 2018/19 2020/21 2022/23 2023/24
f’cast
0 0
2013/14 2015/16 2017/18 2019/20 2021/22 2023/24 India Thailand Viet Nam
f’cast
China (mainland) India Rest of the world United States Pakistan
of America
Stocks-to-use ratio (right axis) Stocks-to-disappearance ratio (right axis)
STOCKS Rice importing countries are also predicted to increase

the size of their reserves, albeit by a more moderate
World rice reserves seen rebounding to an all- rate of 1.1 percent, to 131.6 million tonnes. Within this
time high group, after successive seasons of reserve reductions,
With global rice production forecast to surpass expected China (mainland) and Indonesia could see their carry-
utilization in 2023/24, world rice stocks at the close of overs expand. This is even if in China (mainland), the
2023/24 marketing seasons are predicted to expand by level of stock replenishment may be moderated by the
1.8 percent to 198.3 million tonnes. If confirmed, this restrained pace of production growth envisaged for the
would be an all-time record high, being sufficient to cover season, while in Indonesia, much of the forecast increase
4.5 months of projected global consumption. would reflect a reconstitution of state reserves through
Rice exporting countries are anticipated to drive the increased domestic procurement and imports. Among
forecast rebound in rice carry-overs, lifting their aggregate other traditional importers, Iraq, the Republic of Korea,
level of reserves by 3.2 percent year-on-year to a peak Malaysia, Nepal, Nigeria and the Philippines are all
of 66.7 million tonnes. Much of this increase would be seen increasing their stocks at the close of their respective
imputable to India, where another abundant harvest and seasons, while reserves could end lower in Bangladesh,
the wind down of extraordinary rice distribution over and Japan and Sri Lanka.
above levels normally envisaged by the National Food
Security Act could result in stocks expanding by 4.0 percent
year-on-year to 44.5 million tonnes. Output recoveries could
also enable Pakistan and the United States of America to
reconstitute their reserves, with another accumulation also
seen taking place in Thailand, while stocks in Viet Nam
are expected to be little changed. By contrast, Australia,
Cambodia, Myanmar and Uruguay may all need to draw
on their reserves to meet expected consumption and export
needs, with a drought-hit crop also anticipated to lead to
a sizeable drawdown in Brazil, while keeping inventories
low in Argentina. Based on these tendencies, the five
major exporters’2 stock-to-disappearance ratio3 could reach
30.6 percent in 2023/24, up from 29.5 percent in 2022/23.
2
India, Pakistan, Thailand, the United States of America and Viet Nam.
3
Defined as the sum of domestic utilization and exports.
FOOD OUTLOOK
JUNE 2023
29
OILCROPS, OILS AND MEALS1
Market assessments
©iStock
PRICES2 pressure in the United States of America and subdued

global import demand, quotations were weighed by higher
International prices of oilseeds and derived farmer sales from Argentina, following two rounds of the
products fell from record highs registered in ‘soy dollar’ scheme that provided favourable exchange rates
2022 to soybean producers. World soybean prices have declined
After hitting all-time highs in early 2022, the international further since March 2023, underpinned by prospects of a
prices of oilseeds and derived products fell in the following record harvest in Brazil that would more than compensate
months, largely due to improved global supplies that for considerably lower production in Argentina. Meanwhile,
coincided with demand rationing. In May 2023, FAO’s international rapeseed prices have been on a downward
price indices for oilseeds, oilmeals and vegetable oils stood, trajectory since May 2022, largely reflecting ample global
respectively, 33.2, 10.0 and 48.2 percent below their year- supplies tied to abundant production across Australia,
earlier levels.
The decline in the oilseed price index was mostly driven Figure 1. FAO monthly international price
by lower soybean, rapeseed and sunflower seed quotations. indices for oilseeds, vegetable oils and meals/cakes
International soybean prices fell markedly from their peak (2014-2016=100)
in mid-2022 and then drifted in a narrow range until early
2023. Besides the impact stemming from the harvest
260
Vegetable oils
1
Almost the entire volume of oilcrops harvested worldwide is crushed to obtain
210
oils and fats for human nutrition or industrial purposes, and to obtain cakes
Oilseeds
and meals that are used as feed ingredients. Therefore, rather than referring to
oilseeds, the analysis of the market situation is mainly undertaken in terms of
oils/fats and cakes/meals. Production data for oils and meals are derived from 160
domestic production of the relevant oilseeds in a specific year, i.e. they do not
reflect the outcome of actual oilseed crushing in a given country and period.
Regarding oilseed trade, situations where oilseeds are produced in one country
but crushed in another are reflected in national oil/meal consumption figures. 110
It is important to note that data on trade in oils (meals) refer to the sum of
trade in oils (meals) plus the oil (meal) equivalent of oilseeds traded. Similarly, Meals/cakes
stock figures for oils (meals) refer to the sum of oil (meal) stocks plus the oil
60
(meal) equivalent of oilseed inventories. 2015 2016 2017 2018 2019 2020 2021 2022 2023
2
For details on prices and corresponding indices see statistical appendix,
table 24.
FOOD OUTLOOK
30 JUNE 2023
Oilcrops, oils and meals
Canada and the European Union. Similarly, in the case
Figure 2. FAO monthly price index for oilseeds
(2014-2016=100) of sunflower seed, lower world quotations were mainly
prompted by a bumper crop in the Russian Federation,
200 despite a markedly lower output in Ukraine due to the war.
Contrasting with the downward trend observed in
2021/22 world oilseed prices, international oilmeal prices rebounded
170 noticeably in early 2023, after falling from multiyear highs
in the second half of 2022. The recovery was primarily
driven by sharply lower soybean crushings and exportable
140 supplies from Argentina, the world’s leading soymeal
exporter. However, as global protein meal demand
2020/21 2022/23 remained sluggish due to low profit margins in the livestock
110 sector, particularly in China, world soymeal prices dropped
in recent months.
As for vegetable oils, the FAO price index declined
80 almost uninterruptedly since reaching its historic high in
O N D J F M A M J J A S
March 2022. Rising export availabilities following relaxed
restrictions by Indonesia, combined with reduced global
Figure 3. FAO monthly price index for oilmeals/ demand amid sharply higher import costs, resulted in
cakes (2014-2016=100)
markedly lower international palm oil prices. Likewise,
decreases in world rapeseed and sunflower oil prices
170
chiefly reflected abundant global supplies, with the latter
also benefiting from the Black Sea Grain Initiative, which
allowed Ukraine to resume much of its sunflower oil
145
2022/23 shipments from its seaports. As for soyoil, notwithstanding
persistent, robust demand from the United States to
2021/22 support biodiesel production, international prices declined,
120
mainly weighed by a sluggish global import demand
resulting from uncompetitive prices compared with those
2020/21
95
of other oils. Lower crude oil prices also contributed to the
downward pressure on world vegetable oil prices.
70 OILSEEDS
Global oilseed production seen recovering in 2022/23

Figure 4. FAO monthly price index for Following a marginal contraction in the 2021/22 season,
vegetable oils (2014-2016=100) global total oilseed production is forecast to rebound
in 2022/23, potentially climbing to a record high of
280
638.4 million tonnes. The recovery would mainly be driven
2021/22
by expected higher outputs of soybean and rapeseed,
more than offsetting smaller production levels foreseen for
225
sunflower seed and other oilseeds.
Global soybean production in 2022/23 is pegged at
2020/21
371.2 million tonnes, matching the all-time high registered
170
in 2020/21, largely underpinned by anticipated output
recoveries in the Southern Hemisphere, despite mixed trends
115
across major producers. Harvests in Brazil and Paraguay
2022/23
are forecast to rebound markedly from the previous season,
primarily due to improved yields amid conducive growing
60 conditions in most of the producing regions. By contrast,
Argentina is expected to harvest its smallest crop in the
FOOD OUTLOOK
JUNE 2023
31
Market assessments
Federation is expected to harvest a bumper crop, facilitated

Table 1. World production of major oilcrops
by an excellent yield outcome.
2020/21 2021/22 2022/23 Change

est. f’cast 2022/23 OIL AND FATS4
over
2021/22
million tonnes %
World oils/fats production to increase slightly in
Soybeans 371.5 356.8 371.2 4.0 2022/23
Rapeseed 76.5 76.1 89.2 17.2 The crop prospects outlined above, combined with a
Sunflower seed 51.6 58.0 53.3 -8.0 steady increase in global palm oil output, are likely to
Groundnuts (unshelled) 47.3 47.7 46.8 -1.9 translate into a record world oils/fats production forecast at
Cottonseed 40.3 41.1 40.2 -2.3
253.4 million tonnes, which is 2.7 percent above its year-
Palm kernels 18.6 19.2 19.5 1.5
earlier level. Regarding individual oils, forecast gains in palm,
Copra 6.1 6.5 6.0 -8.0
soy and rapeseed oils are expected to more than offset
Total 611.8 605.5 626.2 3.4
reduced outputs of sunflower, olive and, to a lesser extent,
Note: The split years bring together northern hemisphere annual crops harvested
copra oils. Global palm oil output is forecast to rise modestly
in the latter part of the first year shown, with southern hemisphere annual crops
harvested in the early part of the second year shown. For tree crops, which are in 2022/23. In Indonesia, while production is foreseen to
produced throughout the year, calendar year production for the second year
shown is used.
continue expanding year-on-year, the growth rate will likely
remain below the past five-year average level. In addition to
last 20 years following one of the country’s worst droughts the impact of localized excessive rainfalls during early 2023,
in decades, associated with a third consecutive year of La the country’s palm oil output is expected to be affected
Niña event. In the Northern Hemisphere, production in the by sliding yield potentials due to a lack of replanting
United States is seen moderately down from the record and a decrease in mature oil palm areas in recent years.
level reached in the preceding season, due to lower yields. In Similarly, in Malaysia, despite a gradual alleviation of the
China, the soybean crop is set to increase markedly, largely labour shortage issues that were caused by the COVID-19
reflecting increased plantings in response to supportive pandemic, the growth rate could also remain subdued.
policy incentives, while anticipated production gains in India As for soy and rapeseed oils, the anticipated production
are linked to increases in both harvested areas and yields. increases are linked to the predicted expansions of the
World rapeseed production in 2022/23 is also seen respective oilseed harvests, whereas a drop in sunflower
growing year-on-year to 89.2 million tonnes, marking a seed production in the Black Sea region is seen causing a
historical high. The increase would be broadly tied to a decline in global sunflower oil output.
higher output in Canada, due to a pronounced recovery of
yields from the previous season, despite somewhat reduced 4
This section refers to oils of all origins, which – in addition to products derived
from the oilcrops discussed under the section on oilseeds – include palm oil,
plantings. Production in Australia is also estimated to rise
marine oils and animal fats.
markedly for the third successive season to a new record
level, following continued area expansions and exceptional
Figure 5. Global production and utilization of oils/
growing conditions. Moreover, outputs in China, the fats
European Union and India are all expected to increase
further, underpinned by a combination of larger harvested million tonnes million tonnes
260 10
areas and higher yield levels.3
By contrast, global sunflower seed production is
240 5
estimated to drop by 8 percent from the 2021/22 level.
The anticipated contraction mainly reflects considerably
lower outputs in Ukraine, as the protracted war not only 220 0
disrupted sowing operations in the country, but also limited

access to agricultural inputs, resulting in much lower yield 200 -5
potentials. Production in the European Union is also set

to decline due to unfavourable weather conditions during 180 -10
2018/19 2019/20 2020/21 2021/22 2022/23
the growing season. On the other hand, the Russian f’cast
3
From the 2020/21 season onwards, the EU is defined as EU27 rather than Balance (production minus utilization, right axis)
EU28 to take account of Brexit
FOOD OUTLOOK
32 JUNE 2023
Global oils/fats consumption to revive growth in
Table 2. World oilcrops and product market at
a glance
2022/23
After stagnating during the previous three consecutive
2020/21 2021/22 2022/23 Change: seasons, global oils/fats utilization is predicted to increase
over by 3 percent in 2022/23. World consumption of palm, soy,
2021/22
rapeseed and sunflower oils is projected to grow, more
million tonnes %
than compensating for reductions expected in the use of
TOTAL OILCROPS
groundnut, olive and other oils.
Production 624.1 617.3 638.4 3.4
Much of the anticipated consumption increase would
OILS AND FATS1
Production 243.2 246.7 253.4 2.7 take place in Asia, where China is forecast to lead the
Supply 2 278.3 278.9 285.9 2.5 growth. After registering an exceptional contraction in
Utilization3 246.9 245.0 252.4 3.0 2021/22, the country’s vegetable oil uptake is expected to
Trade4 133.6 126.8 137.2 8.2 recover, thanks to the revival of economic activities following
Global stocks-to-use ratio (%) 13.0 13.3 13.5 the removal of COVID-19-related restrictions. In addition,
Major exporters stocks-to- utilization in Brazil, the European Union, India, Indonesia and
disappearance ratio (%)5 9.7 10.2 9.8
MEALS AND CAKES6
the United States is also seen increasing due to anticipated
Production 161.4 158.5 163.9 3.4 robust demand, in part linked to falling edible oil prices from
Supply2 191.9 187.3 189.3 1.1 the record highs observed during the previous season. By
Utilization3 160.3 160.7 162.1 0.9 contrast, setbacks in domestic production in Argentina and
Trade4 103.1 101.4 106.1 4.7 Ukraine could result in lower consumption in these nations.
Global stocks-to-use ratio (%) 18.0 15.8 16.0
In addition to rising demand foreseen for food uses, the
Major exporters stocks-to-
disappearance ratio (%)7
uptake by the biodiesel sector is also expected to expand. In
10.0 9.2 8.3
FAO PRICE INDICES 2021 2022 2023 Change: the United States, the demand for vegetable oils as feedstock
(Oct-Sept) Jan-May Jan-May 2023 is forecast to continue growing due to favourable processing
(2014-2016=100) over
Jan-May 2022 margins and a boost in biodiesel production capacity.
%
Moreover, national admixture mandates have been raised
Oilseeds 139 158 134 -21.7
Oilmeals/cakes 116 133 133 -3.0
in a couple of leading biodiesel-producing countries. In
Vegetable oils 165 188 131 -40.6 particular, Indonesia’s blending mandate was increased from
30 to 35 percent in February 2023, while the blending
Note: Kindly refer to footnote 1 on page 30 for overall definitions and methodology.
1
Includes oils and fats of vegetable, animal and marine origin.
requirement in Brazil was lifted by 2 percent to 12 percent in
2
Production plus opening stocks. April, with a view to progressively increasing the mandate to
3
Residual of the balance.
4
Trade data refer to exports based on a common October/September marketing 15 percent by 2026.
season.
5
Major exporters include Argentina, Brazil, Canada, Indonesia, Malaysia, Ukraine
and the United States. Figure 6. World stocks and ratios of oils/fats
6
All meal figures are expressed in protein equivalent; meals include all meals and (including the oil contained in seeds stored)
cakes derived from oilcrops as well as meals of marine and animal origin.
7
Major exporters include Argentina, Brazil, Canada, India, Indonesia, Malaysia,
Paraguay, the Russian Federation, Ukraine, the United States and Uruguay. million tonnes percent
45 25
Global supplies of oils/fats, which include the 2021/22 36 20

carry-over stocks that fell to multiyear lows, are forecast
27 15
to recover slightly from the previous season. Domestic
availability is expected to rise in Brazil, Canada, India, 18 10
Indonesia, Malaysia and the Russian Federation, mostly
9 5
owing to higher production. On the other hand, supplies in
Argentina, the European Union, Ukraine and the United 0 0
2014/15 2016/17 2018/19 2020/21 2022/23
States are seen declining amid output shortfalls. In the f’cast
case of China, despite rising oils/fats production, domestic Major exporters Rest of the world
supplies could also drop year-on-year due to markedly lower World stocks-to-use ratio (right axis)
carry-in stocks. (right axis)
FOOD OUTLOOK
JUNE 2023
33
Global inventories of oils/fats to recover by
Market assessments
Figure 7. Total oils/fats imports by region or major

5 percent from reduced levels last season country (including the oil contained in seed imports)
With world oils/fats production forecast to surpass utilization
million tonnes
by a small margin, global ending stocks of oils (including
60
the oil contained in stored oilseeds) are predicted to recover
moderately to 34.2 million tonnes in 2022/23. Inventory
45
replenishments of palm and rapeseed oils are expected
to more than offset stock drawdowns in sunflower and
30
olive oils, while world soyoil stocks could stagnate at their
multiyear lows.
15
Nearly all major stockholders are expected to build up their
reserves, including Brazil, Canada, China, India, Indonesia,
0
Malaysia and the United States. By contrast, stock 2014/15 2016/17 2018/19 2020/21 2022/23
f’cast
contraction is foreseen in Argentina due to its significantly Asia excluding China Europe
lower soybean production prospects, while Ukraine will likely Latin America & Caribbean China
release its unusually large inventories, which accumulated United States & Canada Africa
during the war.
Based on these forecasts, the global stocks-to-use ratio
Figure 8. Oils/fats exports by major exporters
for oils/fats should rebound slightly from the previous (including the oil contained in seed exports)
season, while the stocks-to-disappearance ratio for the major
exporting countries could fall marginally, with both indicators million tonnes
expected to remain below their respective average levels over 40
2021/22 est.
the last five years. 5,6
2022/23 f’cast
30
World oils/fats trade seen rebounding in
2022/23
After declining for two consecutive seasons, international 20
trade in oils/fats is forecast to grow by about 8 percent in
2022/23, reaching 137.2 million tonnes (including the oil
contained in traded oilseeds). Global transactions in palm, soy, 10
rapeseed and sunflower oils are all expected to expand, based

on greater buying interests amid lower import costs. Palm oil
0
would remain the leading traded oil in terms of volume, with Argentina Brazil Canada Indonesia Malaysia Ukraine United
States
its market share lingering around 37 percent, followed by
soyoil at around 30 percent. anticipated to grow, mainly due to ample exportable supplies.
On the import side, purchases by China are forecast to In the case of Ukraine, exports are seen expanding under the
rebound sizeably, linked to restored domestic demand for Black Sea Grain Initiative, although this would depend on the
vegetable oils and the need to replenish stocks, while imports extension of the agreement. Conversely, Argentina’s exports
by India are also foreseen to increase steadily on continued are expected to decline for the third consecutive season,
income growth. Notably, purchases by the United States following successive reduced soybean harvests.
are expected to raise steeply, in order to support its booming
biodiesel production. MEALS AND CAKES7
As for exports, vegetable oil sales by Indonesia are
projected to increase in the wake of relaxed export restrictions, Global meals/cakes production to grow in
although shipments remain subject to certain national 2022/23
requirements aiming to secure sufficient domestic supplies. Consistent with the predicted recovery in global
Consignments by Brazil, Canada and Malaysia are also oilseed output, global production of meals/cakes
5
Disappearance is defined as domestic utilization plus exports. 7
This section refers to meals of all origins. In addition to the products derived
6
The group of major exporting countries consists of Argentina, Brazil, Canada, from the oilcrops (discussed under the section on oilseeds), fishmeal and meals
Indonesia, Malaysia, Ukraine and the United States. of animal origin are included.
FOOD OUTLOOK
34 JUNE 2023
in 2022/23 is expected to rise by 3.4 percent to
Figure 9. Global production and utilization of
163.9 million tonnes (expressed in protein equivalent). As meals/cakes (in protein equivalent)
regarding individual meals, soy and rapeseed meal outputs
are forecast to increase, while that of sunflower meal is
anticipated to drop. million tonnes million tonnes
180 10
Global supplies of meals/cakes, which comprise the
closing stocks of the preceding season, are pegged
160 5
marginally above its year-earlier level, chiefly linked to
expectations of higher meal outputs. This is the case for
140 0
Brazil, Canada, the European Union, India and the
Russian Federation. By contrast, markedly lower meal
120 -5
production in Argentina is expected to result in reduced
supplies for the fourth consecutive season. Domestic
100 -10
availabilities in China and the United States could also 2018/19 2019/20 2020/21 2021/22 2022/23
f’cast
decline, due to much lower carry-in stocks and smaller
oilmeal production, respectively.
Balance (production minus utilization, right axis)
Growth in world meals/cakes consumption to

remain subdued in 2022/23
World utilization of meals/cakes is forecast to continue
growing at a below-average rate of 0.9 percent in Figure 10. World stocks and ratios of meals/cakes
2022/23, primarily due to a lingering lacklustre demand (in protein equivalent and including the meal
from the livestock industry. Commodity wise, the contained in seeds stored)
consumption of soymeal, the product with a predominant
million tonnes percent
share in total meals, is expected to stagnate, while the
36 30
uptake of rapeseed and sunflower meals could register
moderate growth. 30 25
The foreseen subdued growth of global meals/cakes 24 20

utilization is largely tied to an anticipated soft demand
18 15
in China, as protracted low margins in the live hog
sector continue to weigh on protein meal consumption. 12 10
Furthermore, the country keeps seeking to diminish its 6 5

reliance on oilseed imports, with the latest action plan
0 0
released in mid-April aiming to reduce the soymeal 2014/15 2016/17 2018/19 2020/21 2022/23
f’cast
inclusion ratio in domestic animal feed in the coming Major exporters Rest of the world
years. Elsewhere, oilmeal consumption is expected World stocks-to-use ratio (right axis)
to expand in Brazil, the European Union, Mexico, Stocks-to-disappearance ratio of major exporters
(right axis)
Thailand, the United States and Viet Nam, amid lower
costs relative to the previous season.
Global meals/cakes inventories to recover in Reserves in Brazil, Canada and the Russian
2022/23 Federation are anticipated to accumulate, mainly
With global production of meals/cakes forecast to on account of rising domestic supplies, while China
exceed utilization, ending stocks (including the meal is expected to replenish its inventories after having
contained in seed stocks) are expected to recover to release stocks during the preceding season. By
year-on-year to 26.0 million tonnes (expressed in contrast, expected lower domestic outputs are predicted
protein equivalent) in 2022/23. Inventories of soy and to prompt considerable stock drawdowns in both
rapeseed meals are projected to increase from the Argentina and Ukraine.
previous season, outweighing a foreseen reduction in Based on these forecasts, the global stocks-to-use ratio
sunflower meal stocks. for meals/cakes is forecast to recover somewhat from the
FOOD OUTLOOK
JUNE 2023
35
Market assessments
4.7 percent after contracting in the last two seasons.

Figure 11. Total meal/cake imports by region or
Transactions in soy, rapeseed and sunflower meals are all
major country (in protein equivalent and including
the meal contained in seed imports) anticipated to increase.
Regarding imports, purchases by China are set to
bounce back to the near-record level registered in 2019/20
million tonnes
50
in order to rebuild the country’s reserves. Imports by
Mexico, Thailand and Viet Nam are also forecast to
40 rise, in line with expectations of rising domestic demand.
Nevertheless, imports by the European Union could
30
stagnate due to ample local availabilities following a
20 favourable rapeseed production. In addition, imports by
Egypt may drop drastically, reflecting foreign exchange
10
shortages and currency depreciation.
0
As for exports, shipments from Brazil, India and the
2013/14 2015/16 2017/18 2019/20 2022/23
f’cast Russian Federation are anticipated to expand due to
Asia excluding China Europe growing domestic supplies, while recovered rapeseed
Latin America & Caribbean China production could facilitate a marked increase in Canada’s
United States & Canada Africa exports. By contrast, Argentina and the United States
are forecast to export smaller volumes than a year ago,
Figure 12. Meal/cake exports by major exporters primarily due to lower availabilities.
(in protein equivalent and including the meal
contained in seed exports) EARLY PRODUCTION OUTLOOK FOR 2023/24
million tonnes
With the 2022/23 season still ongoing, it is early to make
50
2021/22 estim. concrete world supply and demand forecasts for 2023/24.
2022/23 f’cast Only limited information concerning the new crops is
40
currently available for selected Northern Hemisphere
countries, where sowing is underway. In the Southern
30 Hemisphere, planting activities will not start until the
last quarter of 2023. As international prices for oilseeds
20 continue to linger above recent averages, the total planted
areas could further expand, while yield potentials are also
10 expected to increase, assuming normal growing conditions.
Consequently, world oilseeds production is preliminarily
predicted to hit an all-time high in 2023/24.
0
Argentina Brazil Canada Paraguay Russian Ukraine United With regard to individual crops, foreseen increases
Federation States
in the global production of soybean, sunflower seed,
level registered in 2021/22, while the major exporters’ groundnut, cottonseed and palm kernel could more than
stocks-to-disappearance ratio could decline for the fourth compensate for an anticipated lower output of rapeseed.
consecutive season, marking a multiyear low, due to lower World soybean production is forecast to achieve a new
forecasts for stocks in several exporting countries.8 record in 2023/24. In the United States, while plantings
could stagnate according to intention surveys, an expected
increase in yields – thanks to favourable weather thus
International meals/cakes trade likely to far – should lead to a bumper harvest. Likewise, an
rebound in 2022/23 anticipated production recovery in Argentina would be
Global trade in meals/cakes (including the meal contained chiefly yield-driven, whereas a higher output forecast in
in traded oilseeds) in 2022/23 is forecast to rebound by Brazil would hinge on continued area expansion. Global
sunflower seed production is predicted to rebound from
8
The group of major exporting countries consists of Argentina, Brazil, Canada, the previous season, largely driven by an expected partial
India, Indonesia, Malaysia, Paraguay, the Russian Federation, Ukraine, the output recovery in Ukraine due to higher margins relative
United States and Uruguay.
to grains, although the war could still hinder sowing. By
FOOD OUTLOOK
36 JUNE 2023
contrast, world rapeseed production is forecast to drop a continuation of modest growth in global utilization,
slightly from the record level registered in 2022/23. While the forecast world supplies should be sufficient to satisfy
crops in Canada, China and the European Union are projected demand in both markets, and therefore further
all anticipated to continue to expand, a repeat of an replenishments of inventories for these products could
outstanding production season in Australia is deemed be expected. This outlook remains subject to numerous
unlikely, with additional uncertainties stemming from the uncertainties, notably concerning climate conditions in
potential return of an El Niño event later in the season. major producing regions, the evolvement of the war
These highly tentative crop forecasts, combined with in Ukraine, developments in the energy markets, the
prospects of higher global palm oil output, could translate implementation of national biodiesel blending mandates,
into increased supplies for both vegetable oils and oilmeals and the global economic recovery.
for a second consecutive season in 2023/24. Assuming
FOOD OUTLOOK
JUNE 2023
37
SUGAR
Market assessments
©Istock
PRICES
retreating slightly in January 2023, prices resumed their
International sugar prices at their highest level upward trend in the following months, reaching US 25.4
since October 2011 cents per pound (USD 560.0 per tonne) in May 2023, the
Since the release of the last issue of the Food Outlook highest level since October 2011.
report in November 2022, international sugar prices, as A tighter global sugar balance, following reduced
measured by the International Sugar Agreement’s daily production expectations in China, the European Union,
prices for raw sugar, have generally increased. Quotations India, Mexico and Thailand, underpinned the increases
rose for two consecutive months in November and in world sugar prices. The slow start of the 2023 harvest
December 2022, increasing from US 17.5 cents per pound in Brazil due to above-average rains, which also raised
(USD 386.8 per tonne) in October 2022 to US 18.9 cents concerns over the sugar recovery rate, provided additional
per pound (USD 417.4 per tonne) in December. After support to prices. International sugar prices are also
influenced by movements in the Brazilian currency, which
affects export demand and producer-selling decisions. The
Figure 1. International sugar prices* Brazilian real has generally appreciated against the United
States dollar since December 2022, restraining exports and
US cents per lb. contributing to raising world sugar prices. Another key
30 element influencing world sugar prices is movements in
crude oil prices, which affect the demand for sugarcane-
25
2023 based ethanol. International crude oil prices have generally
2021 decreased since mid-2022, encouraging a greater use
20
of sugarcane for sugar production and thus increasing
2022 supplies and limiting the increase in prices.
15 2020
At the current levels, world sugar prices are above
2019 production costs for the vast majority of world producers,
10
including Brazil, where the costs of production are
estimated at US 16 cents per pound (USD 352.7 per tonne),
5
J F M A M J J A S O N D incentivizing sugar production. In addition, present market
conditions point to a higher profitability for millers in Brazil
using sugarcane to produce sugar rather than ethanol. The
FOOD OUTLOOK
38 JUNE 2023
global economy is predicted to rebound in 2024, particularly
Figure 3. World sugar prices* and Brazil ethanol
in emerging economies and low- and middle-income prices, in raw sugar equivalent
countries, which should boost sugar consumption. Based
on these assumptions, preliminary forecasts for the 2023/24 US cents/lb
Sugar
30
season point to a consecutive year of global production
surplus, although modest. The positive outlook for the 2023
24
sugarcane crops in Brazil, despite harvest delays, combined
with the expected global production surplus in 2023/24,
18
should weigh on world sugar prices.
12
PRODUCTION
6
World sugar production in 2022/23 revised
downwards 0
World sugar production in 2022/23 (October/September) is 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Ethanol price-Brazil World raw sugar prices
forecast at 177.5 million tonnes, up 1.9 million tonnes, or
1.1 percent, from 2021/22, mainly as a result of a foreseen
production recovery in Brazil. However, this forecast is
below FAO’s preliminary expectations, presented in the sugar. Based on current market conditions, the estimated
November 2022 issue of Food Outlook, due to lower-than- parity price of US 10.6 cents per pound (USD 233.1 per
earlier-anticipated outputs in China, the European Union, tonne) is well below the current level of international raw
India, Mexico and Thailand. sugar prices, indicating a higher profitability from producing
In South America, latest indications point to a likely sugar than ethanol. In the key producing area of São Paulo,
significant production recovery in 2022/23, mostly due 51 percent of the sugarcane harvest was used to produce
to a bumper sugarcane crop anticipated in Brazil, the sugar from October 2022 to April 2023, the highest share
world’s largest producer and exporter of sugar. Favourable recorded in the corresponding period in most recent years.
weather conditions, benefiting both crop yields and sugar Elsewhere in South America, sugar production is anticipated
recovery rates, are foreseen to trigger the increase in to decline slightly in Argentina, while it is forecast to
output. Production is forecast to rise to 40 million tonnes, remain relatively stable in Colombia, the region’s second
24.6 percent up from the reduced level in 2021/22. largest producer.
Brazil’s sugar output is also influenced by changes in the In Central America and the Caribbean, 2022/23 sugar
ethanol parity price – the price of raw sugar below which production in Mexico is forecast sharply down from the
it becomes more profitable to produce ethanol instead of previous year. Despite the increase in the harvested area,
Figure 2. World sugar production by region Figure 4. Sugar production in major producing
countries

80 40
2021/22 2021/22
2022/23 2022/23
60 30
40 20
20 10
0
Asia South Europe Central Africa North Oceania 0
America America America Brazil India European Thailand China United Mexico
Union States
FOOD OUTLOOK
JUNE 2023
39
Market assessments
forecast to decline by more than 8 percent from last year’s

Table 1. World sugar market at a glance
record crop. While preliminary forecasts pointed to a slight
2020/21 2021/22 2022/23 Change:
year-on-year decline due to a higher diversion of sugarcane
estim. f’cast 2022/23 to ethanol production, adverse weather conditions during
over
2021/22 the season affected sugarcane yields and dampened further
million tonnes % production prospects. In Thailand, the 2022/23 sugarcane
WORLD BALANCE harvest is estimated to be nearly 2 percent higher than
Production 169.1 175.6 177.5 1.11 in 2021/22, but more than 10 percent below previous
Trade 60.8 61.3 60.7 -1.00 expectations on the back of dry weather conditions and
Total utilization 170.0 174.5 176.1 0.93 elevated fertilizer prices, which limited fertilizer application
Ending stocks 111.8 112.6 113.8 1.03
and area expansion. Output is also set to decline in
Pakistan due to crop damage from flooding last year.
Per caput food consumption: By contrast, in Türkiye, sugar production in 2022/23 is
World (kg/yr) 21.7 22.1 22.1 0.09 anticipated to increase from the previous year, mainly
LIFDC (kg/yr) 12.8 13.0 12.9 -0.61 reflecting an expansion in planted area in response to
World stocks-to-use ratio (%) 65.7 64.5 64.6 0.10
higher government purchasing prices.
2021 2022 2023 Change:
ISA DAILY PRICE
Jan-May Jan-May In Europe, the latest forecast points to a 7-percent
AVERAGE (US cents/lb) 2023 production fall from last year, mainly mirroring a drop in
over
Jan-May the European Union. Latest official estimates for the
2022
% European Union indicate a nearly 10-percent decline in
17.67 18.49 21.83 15.87 sugar output in 2023/23, due to a decline in area and lower
crop yields along with a lower sugar recovery rate, affected
unfavourable weather conditions and reduced use of by severe summer drought conditions in several countries.
fertilizers due to higher costs have negatively affected Similarly, in the United Kingdom of Great Britain and
both sugarcane yields and sugar recovery rates, leading Northern Ireland, production in 2022/23 is anticipated
to successive downsizing of the production forecast. In to decline mainly on account of lower yields, due to
Guatemala, sugar output is also expected to decline adverse weather. By contrast, in the Russian Federation,
slightly due to unfavourable weather conditions. In Cuba, production in 2022/23 is expected to increase, following a
input shortages and logistical constraints are anticipated to growth in plantings and an increase in average sugarbeet
negatively affect the 2022/23 sugar production. yield. Sugar production in Ukraine is set to decline due
In Africa, total sugar production for 2022/23 is set to to a contraction in the sugarbeet area and operational
remain close to its 2021/22 level, with a lower output in constraints associated with the ongoing war. Nevertheless,
Egypt, the continent’s largest producer, likely to be offset production is foreseen to meet domestic requirements,
by a larger crop in South Africa. The decline in Egypt while planting of the 2023/24 crops is progressing, and
mostly rests on a lower sugarbeet output forecast, while early indications point to a 20-percent increase in area.
sugarcane production is anticipated to remain relatively In the rest of the world, production in the United
steady. By contrast, an increase in outturn is expected in States of America (United States) is forecast to grow,
South Africa, the continent’s second largest producer, mainly reflecting an increase in sugarcane output stemming
due to higher crop yields as well as greater sugar recovery from higher yields, while the sugarbeet outturn is forecast
rates, more than offsetting a decline in the area due to to remain at around its level in 2021/22. In Australia, the
higher input costs. 2022/23 sugar production is anticipated to be only slightly
In Asia, total sugar production in 2022/23 is forecast higher year on year, as unseasonal rains during harvest
to decline for the first time in the past two years. Most benefited sugarcane yields but negatively affected the
of the decrease stems from lower outputs foreseen in sugar recovery rate.
China, India and Pakistan, more than offsetting an
expected increase in Thailand, where production is below
earlier expectations. In China, below-average rains in
Guangxi, the largest sugar producing region, affected
sugarcane yields, leading to a lower-than-earlier expected
sugar production forecast, nearly 6 percent lower than in
2021/22. Similarly, in India, sugar production in 2022/23 is
FOOD OUTLOOK
40 JUNE 2023
UTILIZATION sugar consumption in 2022/23. Similarly, in Indonesia,
with a significant decline in the number of COVID-19
Sugar consumption seen increasing cases reported, the economy is projected to continue to
moderately in 2022/23 recover, while demand for sugar, including from the food
Sugar
Global sugar consumption is forecast to reach processing sector, is expected to grow by 2.6 percent in
176.1 million tonnes in 2022/23, up 1.6 million tonnes 2022/23. In Africa, the decline in the economic growth
or 0.9 percent from 2021/22. Although consumption is foreseen in sub-Saharan African countries in 2023 will likely
foreseen to increase for the third successive season in limit sugar consumption in 2022/23. In Latin America and
2022/23, the growth is anticipated to be moderate due the Caribbean, sugar consumption in 2022/23 is foreseen
to a projected deceleration in global economic growth at a moderately higher level, while in Europe, intake is
in 2023 and high world sugar prices. According to the expected to decrease from a year earlier level, mainly due
World Economic Outlook of the International Monetary to high prices. According to the latest available information,
Fund (IMF), growth in the global economy in 2023 is the average price of white sugar in the European Union
projected to fall from 3.4 percent in 2022 to 2.8 percent in February 2023 was 83 percent higher than in the
in 2023. Economic growth mostly affects the derived corresponding period in 2022 due to the smaller harvest
demand for sugar as the beverage and food processing and increasing cost of sugar refining. Consumption is also
sectors – which account for the bulk of aggregate sugar anticipated to drop in Ukraine because of the outflow of a
use – are influenced by changes in economic conditions. large number of people from the country, coupled with the
The anticipated expansion in global sugar intake, combined limited production capacity of the domestic food industry
with the downward revision to global production, should because of the war. Elsewhere, consumption is predicted to
result in a smaller world sugar production surplus in grow by 1 percent in the United States. With the current
2022/23, down from the 4.9 million tonnes predicted in prospects, global per capita sugar consumption in 2022/23
November 2022 to 1.4 million tonnes. is estimated at 22.1 kg, virtually unchanged from 2021/22.
The year-on-year increase in world sugar consumption in Several elements of uncertainty further characterize
2022/23 is expected to be driven by countries in Asia and the prospects for sugar consumption. These relate to the
Africa, mainly as a result of population and income growth, future developments regarding the war in Ukraine as well
although economic activity is projected to slow down as concerns about the recent financial sector turmoil and
in 2023. In India, the world’s largest sugar consuming high inflation levels, which could further deteriorate the
country, consumption is expected to increase by 1.3 percent global economic outlook. Changes in crude oil prices,
to 27.5 million tonnes. In China, the world’s second largest a key element for the profitability of sugar crop-based
sugar consumer, the rebound of the country’s economy ethanol production, remain a major source of uncertainty
after COVID-19-related containment measures were lifted for the sector, which could impact sugar availability for
in December 2022 is expected to support a growth in consumption. Developments in world and domestic
sugar prices and movements in the value of currencies
Figure 5. India sugar production and trade with respect to the United States dollar will be key
drivers to monitor.
TRADE
million tonnes
40
World sugar trade to contract slightly in
2022/23
30
FAO’s forecast for world trade in sugar in 2022/23 (October/
September) is currently pegged at 60.7 million tonnes,
20
down 1 percent from the previous season. The anticipated
contraction is the result of reduced exportable supplies
10
in the European Union, India and Mexico, more than
0
offsetting foreseen greater exports from Brazil.
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Brazil’s exports in 2022/23 are forecast to increase
Production Exports
by more than 10 percent from the previous season’s
reduced level to 28.5 million tonnes, reflecting an expected
significant rebound in production. The country is seen
FOOD OUTLOOK
JUNE 2023
41
Market assessments
as accounting for nearly 47 percent of world exports 30 percent, on the back of high domestic sugar prices and
in 2022/23, consolidating its position as the world’s lower production. In the first five months of the current
largest sugar exporter. The bulk of Brazilian sugar sales season, Brazil followed by Ukraine and the Everything-
is in raw form, which, in the current season, has mainly but-Arms and Economic Partnership Agreement countries
been shipped to Algeria, China, Morocco and Nigeria. were the main import origins. In the rest of the world,
Following an increase in sugar output, Thailand’s exports purchases by the United States are forecast to decline in
are forecast to recover for the second consecutive year in 2022/23, mainly reflecting lower volumes from Mexico and
2022/23 and reach 9 million tonnes. In the current season, a year-on-year decline in imports outside the quota volume.
Thailand’s sugar, both in raw and refined forms, has been
shipped mostly to neighbouring countries, including
Figure 6. World sugar exports by region
Cambodia, Indonesia, the Philippines, and South
Korea. India’s exports in 2022/23 are forecast at 6 million
tonnes, nearly half their record level in the previous season.
million tonnes
This follows the government’s decision in November 2022 40
to limit exports in order to ensure adequate domestic 2021/22
availabilities and keep prices in check. Since June 2022, 2022/23

30
sugar exports have only been allowed with permission from
the Department of Food and Public Distribution under the
Ministry of Consumer Affairs, Food and Public Distribution. 20
Shipments from Australia, the world’s fourth largest raw
sugar exporter, are forecast to increase in 2022/23, while
those from Mexico are expected to fall significantly due 10
to lower domestic availabilities. Similarly, the expected

reduced output in the European Union will likely result in
0
South Asia Central Europe Africa Oceania North
a sharp year-on-year decline in sugar exports. By contrast, America America America
sugar exports from Ukraine have surged in the current
season, reflecting higher exports to the European Union.
This follows the regulation adopted by the European Union
Figure 7. World sugar imports by region
in May 2022 to support Ukrainian exports, allowing for
full trade liberalization for one year starting in June 2022.
In early May 2023, the regulation was extended for an
million tonnes
additional year until 5 June 2024. 40
On the import side, slower global economic activity, 2021/22
coupled with high world sugar prices, have reduced global 2022/23
demand. Purchases by Asian countries are forecast to 30
decrease in 2022/23 by 1.2 percent year on year, mainly

reflecting lower imports by China. Despite expectations of
20
a contraction in production and a rebound in consumption,
high world sugar prices and adequate domestic availabilities
are likely to curb purchases. In the first seven months of 10
the season, the country’s imports were 12 percent below
the volume imported during the corresponding period in
2021/22. In Indonesia, the world’s largest sugar importer, 0
Asia Africa North Europe South Central Oceania
America America America
purchases are forecast to remain broadly unchanged year-
on-year. Imports by African countries are also forecast to
contract in 2022/23. This mainly reflects lower demand
by Nigeria compared to a record level of purchases in the
previous season, when consumption registered a significant
rebound from the COVID-19-related contraction. In Europe,
imports by the European Union in 2022/23 are forecast
to exceed those of the previous season by more than
FOOD OUTLOOK
42 JUNE 2023
Meat and meat products
MEAT AND MEAT PRODUCTS
©iStock
PRICES Figure 1. FAO monthly meat price index

(2014-2016 =100)
International meat prices trended downward
130
due to subdued global demand
In May, the FAO Meat Price Index averaged 117.9 points,
an 8.1 points decline from its all-time high in June 2022. 120
2022
2023
The decline was underpinned by decreases in price indices
for poultry, bovine and ovine meats, which were principally 110
2021
driven by subdued import purchases stemming from
economic hardships, depreciation of national currencies
100
and limited food services sales. Poultry meat imports by
China – the world’s largest poultry meat importer – were
90
relatively subdued in the second half of 2022 as a decline in J F M A M J J A S O N D
domestic pig meat prices led consumers to switch to their Source: FAO.
preferred red meat protein, exerting downward pressure

on international poultry prices. Moreover, poultry meat Figure 2. FAO monthly international price indices
for bovine, ovine, pig and poultry meats
export availabilities also rose in some leading exporting
(2014-2016 =100)
countries, although at a slower pace, despite high input
costs and the impact of Highly Pathogenic Avian Influenza 170
(HPAI) outbreaks, further weighing on poultry meat prices.

150
However, poultry prices rebounded in April 2023 following
nine months of continuous declines, as import demand 130
increased from Asia while supply limitations arising from

110
widespread HPAI outbreaks continued in many regions. As
for bovine meat in the latter part of 2022, the availability 90
of exportable supplies increased mainly as a result of

70
significantly increased production and limited internal 2017 2018 2019 2020 2021 2022 2023
Ovine Bovine Poultry Pigmeat
demand in leading meat exporting countries, especially Meat price index
Source: FAO.
Australia and Brazil, putting downward pressure on
FOOD OUTLOOK
JUNE 2023
43
Market assessments
international prices. Nevertheless, bovine meat prices moved output increases in Brazil, China, Pakistan, Australia
upwards from February 2023 on supply tightness in the and Viet Nam1 more than offset anticipated contractions
United States and increased demand from China after the in the European Union, the United Kingdom of Great
removal of a one-month ban imposed on Brazilian bovine Britain and Northern Ireland (United Kingdom),
meat due to an atypical case of mad cow disease detected Argentina and Canada.
in the South American country by the end of February 2023. Brazil’s overall meat output is forecast to expand by
International ovine meat prices also trended downward 2.3 percent to 32 million tonnes, reflecting the anticipated
since reaching an all-time high in October 2021, reflecting gains in poultry meat output due to rising global demand
increased supplies, especially from Australia. amid limited supplies from elsewhere, as well as bovine
Following the near-uninterrupted month-on-month meat production on high supplies of slaughter-ready cattle
increases last year, international pig meat prices continued and lower calf prices. In China, meat production is forecast
to increase in 2023, principally due to constrained supplies to expand by 0.6 percent, to around 95 million tonnes,
from leading exporters, especially the European Union, amid on rising farm productivity and higher demand from the
scaled-down production in anticipation of lower demand hotel, restaurant and institution (HRI) sector with the end
and ASF-related import restrictions imposed by leading of the zero-COVID-19 policy. Despite a recent spike in
importing countries. ASF outbreaks, China’s pig meat production is likely to
increase slightly in 2023, sustained by improved biosafety
Table 1. World meat market at a glance systems, better farm management, and stable domestic
prices. In Pakistan, rising internal demand and recent
2021 2022 2023 Change: investments underpin poultry and bovine meat production
over expansions, leading to the overall growth of meat output.
2022
Meanwhile, increased slaughter volumes and heavier
million tonnes %
(carcass weight equivalent)
carcass weight should boost bovine and ovine meat
WORLD BALANCE
production in Australia, assuming labour shortages are
Production 356.9 362.6 363.9 0.4
unlikely to constrain meat-processing activities. In Viet
Bovine meat 74.9 76.3 76.1 -0.2
Nam, pig meat production is likely to increase, driven by a
Poultry meat 138.2 140.8 142.7 1.3 sow replenishment and the implementation of biosecurity
Pig meat 120.9 122.3 121.7 -0.5 systems to contain ASF outbreaks.
Ovine meat 16.4 16.7 16.8 1.0 Meat output in the European Union is predicted to fall
Trade 42.0 41.8 42.1 0.6 for the second consecutive year in 2023, with a significant
Bovine meat 12.1 12.6 12.8 1.2 drop in pig meat resulting from a smaller breeding herd,
Poultry meat 15.8 16.3 16.4 1.0 scaled-down operations in the face of ASF outbreaks and
Pig meat 12.7 11.5 11.4 -1.0 high operational costs. While efforts to bolster smallholder
Ovine meat 1.1 1.1 1.1 5.2 farm productivity – as part of the new Common Agriculture
SUPPLY AND DEMAND INDICATORS Policy (CAP) 2023-2027 – may contain the drop, they may
Per caput food consumption: be insufficient to reverse the decline this year. Negative
World (kg/year) 45.0 45.2 45.0 -0.4 farm margins could result in a breeding herd contraction,
Trade - share of prod. (%) 11.8 11.5 11.6 0.2 causing pig meat output to drop in the United Kingdom.
FAO MEAT PRICE INDEX 2021 2022 2023 Change:
(2014-2016=100) Jan-May
Argentina’s meat output is expected to decline on account
Jan-May
2023 of lower bovine meat output amid a reduction in the
over
Jan-May calf crop, high input costs and poor pasture conditions.
2022
% Meanwhile, labour shortages and high operating costs
108 119 115 -2.8 could constrain pig meat production, lowering the country’s
overall meat output.
OVERALL PRODUCTION AND TRADE Regarding meat output by main categories, poultry
production is forecast to drive the overall meat output
World meat output expected to expand marginally in expansion, with a marginal gain in ovine meat and declines
2023 in pig and bovine meats.
Global meat production is forecast to reach
364 million tonnes (carcass weight equivalent) in 2023, 1
Unless otherwise stated, names of regions and countries throughout this
up marginally (+0.4 percent) from 2022, as expected chapter are listed by the magnitude of the volume change.
FOOD OUTLOOK
44 JUNE 2023
Figure 3. FAO meat and feed price indices sectors, and in the Russian Federation and Japan, due to
(2014-2016 =100) increases in overall domestic availabilities.
Exports by Brazil, Australia, India and China, among
other countries, are predicted to grow in 2023. In Brazil,
180
meat exports are forecast to increase by 5 percent,
facilitated by the country’s animal disease-free status,
150 competitive prices and the diversification of export
markets, consolidating Brazil’s share in global meat trade at
around 23 percent. With growing bovine and ovine meat
120
production, Australia is likely to increase its shipments,
especially to North America and East Asia. Benefiting from
90
price competitiveness and streamlined halal certification,
India is expected to export more bovine meat (carabeef2)
60 to Southeast Asia, especially Malaysia and Viet Nam, and
2017 2018 2019 2020 2021 2022 2023
some Middle Eastern markets, namely Iraq and Saudi
Meat price index Feed price index
Arabia, although exports to Egypt may fall further due to
Source: FAO.
the country’s currency depreciation. In China, the export
growth results from foreseen increased pig meat exports
Figure 4. Global meat production by type
to neighbouring countries with rising demand from
the HRI sector.
million tonnes, CWE Lower exports are forecast for the European Union,
150 the United States and most South American countries,
particularly Argentina, Chile, Uruguay and Paraguay.
Production losses due to animal diseases, especially
100 ASF and HPAI, and disease-related trade restrictions in
importing countries underpin much of the anticipated
export drop in the European Union. Meanwhile, an
50 anticipated drop in bovine meat production is behind
the expected export reduction in the United States. In
Argentina, tight supplies, government controls and HPAI
detections in commercial farms could cause meat exports
0
Poultry meat Pig meat Bovine meat Ovine meat
2020 2021 2022 estim. 2023 f’cast
2
Meat derived from water buffalo
Source: FAO.
Figure 5. Global meat trade by region
Increased food services sales to drive global

meat trade million tonnes, CWE
12
Global trade in meat and meat products are pegged at
42 million tonnes (carcass weight equivalent) in 2023, up
0.6 percent from 2022. The increase mainly reflects the 9
likely rebound in meat import demand by China after
two years of contraction, with increased food services
6
sales following the end of the country’s COVID-19-related
restrictions. Elsewhere, high imports are also projected for
Saudi Arabia, the European Union, Iraq and Canada, 3
among others, primarily due to tight domestic supplies.

However, these foreseen import expansions will likely 0
South North Europe Asia Oceania Central Africa
be almost entirely offset by significantly lower imports America America America
& the Caribbean
by the United States stemming from rising supplies 2021 2022 estim. 2023 f’cast
Source: FAO.
due to production increases in the poultry and pig meat
FOOD OUTLOOK
JUNE 2023
45
Market assessments
to fall. In Chile, the anticipated decline is due mainly to Democratic Republic of the Congo, due to growing
the spread of HPAI and consequent export suspensions. internal demand amid tight domestic supplies, high
Import restrictions imposed by the Russian Federation could prices, more active food services sales and the relative
curtail meat exports from Uruguay, while the anticipated affordability. By contrast, significant import curtailments
decline in exports from Paraguay stems from the softening are predicted for Angola, the United Kingdom, Viet
demand from China. Nam and the Republic of Korea, mostly on recoveries in
domestic production.
POULTRY MEAT Regarding exports, bolstered by its disease-free status
and competitive prices, Brazil could supply as much as
Production to expand despite widespread 29 percent of global poultry exports in 2023, while nearly
avian influenza outbreaks 25 percent are expected to be supplied by the United
Global poultry meat output is forecast to reach States, fostered by regionalization agreements with key
143 million tonnes in 2023, up 1.3 percent year-on-year, importing partners that limit import bans only to those
with much of the growth forecast to be concentrated in regions affected by HPAI. Poultry meat exports are also
the United States and Brazil. Moreover, after two years forecast to expand from Ukraine due to the duty free
of decline, a rebound in production is expected in the access granted by the European Union, and Turkiye on
European Union, while production contractions are likely strong demand from neighbouring countries. By contrast,
in Egypt and the Islamic Republic of Iran. poultry meat export contractions are likely in Argentina,
Despite concerns over widespread HPAI outbreaks in Chile and the European Union due to HPAI-related
several South American countries, Brazil’s poultry meat import restrictions by key trading partners and narrow price
output is forecast to rise by 2.7 percent, consolidating its competitiveness.
position as the third largest poultry meat producer in the
world, benefitting from the country’s disease-free status, Figure 6. Brazil poultry meat exports and its
despite a case of HPAI detected, but so far limited to wild global market shares
birds, lower maize prices and ample supplies. The United
States and the European Union are forecast to increase
thousand tonnes, CWE
their poultry meat production, helped by a noticeable
5 000
decline in new HPAI outbreaks. Meanwhile, significant
increases in poultry meat production are also forecast for 4 000
several countries, including Pakistan, China, Mexico and 26.3% 27.9% 28.3% 29.4%
Viet Nam, due to increases in food services sales and, 3 000
in some cases, rising demand for poultry meat as a more
affordable alternative to more expensive red meat. By 2 000
contrast, significant production downturns are foreseen
in Egypt, the Islamic Republic of Iran and Japan in 1 000
response to lower domestic demand.
Globally, elevated feed prices continue to impact most 0
2020 2021 2022 2023
commercial poultry farms, although increasing maize and f’cast
Source: FAO, based on Trade Data Monitor (TDM)
soybean availabilities and the price declines augur well for
the industry.
BOVINE MEAT
Poultry meat import demand to remain strong
amid tight supplies Global production to decline marginally
Global poultry meat trade are forecast to reach World bovine meat production in 2023 is pegged at
16.4 million tonnes in 2023, up 1 percent from 2022, 76 million tonnes, down marginally from last year, as
driven by likely expansions in imports by Asia and Central output drops in the United States, Argentina and the
America and the Caribbean, which could be partially European Union are likely to more than offset foreseen
offset by downturns expected in other regions. Significant gains in Brazil, China, Australia and India. In the United
increases in poultry meat imports are expected for China, States, a decline in the cattle inventory and the retention
Saudi Arabia, Iraq, the European Union and South of heifers for breeding amid high calf prices are likely to
Africa, as well as in the Philippines, Canada and the result in a drop in bovine meat production. Likewise, a
FOOD OUTLOOK
46 JUNE 2023
decline is expected in Argentina, where La Niña weather end of February after the detection of an atypical case of
pattern has resulted in forage shortages and higher bovine spongiform encephalopathy (BSE). Exports from
feed costs. In the European Union, lack of forage, high India are heading towards a 2 percent expansion due to its
feed costs and declining herd numbers could lead to the competitive prices and new arrangements with countries in
fifth consecutive year of production drops, even after the Middle East and East Asia requiring halal certifications.
accounting for an increase in dairy cattle slaughter due to Similarly, Mexico could see its exports grow in 2023, owing
weak farm gate milk prices and high beef valuations. to increased bovine meat production and the rising global
In Brazil, increased cattle slaughter, amid lower calf demand for speciality cuts and leaner beef.
prices and strong domestic and international demand, By contrast, lower exportable availabilities and limited
should lift bovine meat output, whereas in China, high price competitiveness are expected to cause exports from
carcass weight, resulting from investments in genetic the United States and Argentina to drop, although the
improvements and fattening efficiency, along with removal of a 20-year ban by Mexico on Argentinian imports
increased demand from the HRI sector following the lifting could partially offset the decline. Exports from Uruguay
of the COVID-19 restrictions, are behind the foreseen could fall due to lower exportable availabilities and potentially
expansion in bovine meat output. In Australia, increasing lower import purchases by China. Meanwhile, shipments
slaughter volumes following a recent herd-rebuilding from Paraguay are likely to fall due to the import prohibition
phase and increased carcass weight (due to greater feed on its four largest bovine meat exporting establishments
availability and improved pasture conditions) could lift imposed by the Russian Federation in September 2022.
bovine meat output. Meanwhile, output in India could rise Likewise, limited exportable supplies in the European Union
by about 2 percent, bolstered by a higher demand from and New Zealand should lead to export contractions.
the Middle East and Southeast Asia and relatively smooth
processing activities. Figure 7. Bovine meat exports by global leading
suppliers
Higher exportable supplies in Australia will
drive trade expansion 3 500
World bovine meat trade are forecast at 12.8 million tonnes
3 000
in 2023, up 1.2 percent year-on-year, principally sustained by
anticipated increases in imports by the United States, Viet 2 500
Nam, European Union and Indonesia, mostly on tight 2 000

internal supplies. While China is expected to be the largest
1 500
bovine meat importer, accounting for 31 percent of global
imports, its purchases in 2023 are likely to remain stable, in 1 000
view of the rising national production.
500
Much of the increased import demand for bovine meat
is expected to be met by increased exports from Australia, 0
Brazil United States Australia India
Brazil, India and Mexico. By contrast, sales by the United of America
2021 2022 2023 f’cast
States, Argentina, Uruguay and Paraguay will likely
contract, while those by the European Union and New
Zealand could decline slightly. In Australia, increased
production and higher import demand from the country’s PIG MEAT
main trading partners should support a rebound in exports
in 2023 after three successive years of decline, allowing Global production to contract mainly due to
Australia to regain its position as the world’s third-largest output declines in Europe
bovine meat exporter. Brazil’s exports may reach a historical Global pig meat production is pegged at
peak of over 3 million tonnes, rising by around 4 percent, on 121.7 million tonnes in 2023, a decline of 0.5 percent
account of the country’s export price competitiveness, weaker from 2022, with significant decreases expected in the
Brazilian currency real and tight exportable availabilities from European Union, the United Kingdom, Canada and
competitor countries. China is expected to be Brazil's main Ukraine, among others, partially counterbalanced by
destination of bovine meat exports amid export licenses increases foreseen in China, the United States the
granted to more Brazilian processing plants and the quick Russian Federation and Viet Nam. Despite some
end to the ban on bovine meat imports imposed at the declines expected in feed prices, pig meat production in
FOOD OUTLOOK
JUNE 2023
47
Market assessments
the European Union, is forecast to fall by as much as the end of China’s zero-COVID-19 policy, which could
5 percent year-on-year to 21.1 million tonnes in 2023 trigger more demand, particularly from the HRI sector. In
on weaker producer margins, ASF outbreaks and smaller the Republic of Korea, the temporary tariff reduction
breeding herds. Similarly, a production scale-down is introduced last year and the lifting of an import ban in
expected in the United Kingdom due to a sharp decline December 2022 on pig meat imports from the United
in breeding herds, lower carcass weight and a decline in Kingdom will likely raise purchases, although weaker
pig meat demand. Whereas in Canada, an output decline economic conditions may moderate the increase.
could result from lower slaughter numbers and a reduction Regarding exports, sales by Brazil, the United States,
in carcass weights from the highs reached in 2022. In Chile, China and the Russian Federation are likely
Ukraine, the damages to farms and infrastructure caused to expand, fostered by rising national production and
by the ongoing war are behind the anticipated decline in improved trade relationships. By contrast, exports from
pig meat production. the European Union to China, Japan and the Republic of
Although at a slower pace than in the previous two Korea are expected to to drive a reduction of sales in 2023
years, production in China is expected to continue growing mainly due to limited price competitiveness amid rising
with improved farm management, together with elevated input costs. Pig meat shipments by Canada could also fall
slaughter due to farmers’ efforts to minimize potential due to lower exportable availabilities, although increased
financial losses in the face of ASF outbreaks. In Viet access to Asian markets may offer export opportunities.
Nam, higher sow replenishment, improved biosecurity
arrangements and stricter transportation controls against Figure 8. Pig meat imports by leading Asian
ASF spread may spur production growth. A production importers
rebound is also expected in the United States on a
higher slaughter numbers and heavier weights, whereas, 5 000
in the Russian Federation, a further increase in pig meat
production is likely amid rising productivity. 4 000
Global trade seen declining marginally 3 000
Global trade in pig meat is forecast at 11.4 million tonnes

in 2023, down 1 percent from 2022, principally due to 2 000
tight exportable availabilities in leading exporting countries

1 000
and limited import purchases amid rising domestic
production and high stocks, especially in East Asia. The
0
latest forecasts point to reduced pig meat imports by China Japan Republic Philippines
of Korea
the United States, Japan, Mexico, Viet Nam and the
2021 2022 2023 f’cast
Philippines, with likely higher imports by the United
Kingdom, China, Canada, Uruguay and the Republic
of Korea. A production rebound from 2022 is likely to
lead the United States and Japan to import less this OVINE MEAT
year. Similarly, domestic production recoveries could lead
to subdued imports by Viet Nam and the Philippines, Positive prospects for ovine meat production
even though the continuation until 31 December 2023 anticipated
of the reduced import tariff in the latter may encourage Global ovine meat output is forecast at 17 million tonnes
more imports. In Mexico, the expected continuation of the in 2023, up 1 percent year-on-year, driven by foreseen
production growth should prompt lower imports; however, production increases, especially in Australia, China,
the decrease might be partially countered by the reopening Türkiye and the United Kingdom, more than offsetting
of its market in November 2022 to competitively-priced potentially lower outputs in Ethiopia and the European
Brazilian pig meat. Union. Production in New Zealand, the world’s second-
Limited supplies from internal sources could trigger largest ovine meat exporter, is expected to remain broadly
higher imports by the United Kingdom and Canada, stable as increased carcass weights could nearly offset a
while in a number of countries, including China and decline in production due to lower flock size. Favourable
Uruguay, increasing domestic demand may induce high weather conditions, high breeding levels and genetic
imports. This is the case, for instance, with regard to improvements are anticipated to boost sheep flock
FOOD OUTLOOK
48 JUNE 2023
growth this year in Australia, increasing carcass weights With regard to imports, China is predicted to purchase
and slaughter and favouring more production. Rising more ovine meat this year as higher consumer demand is
domestic demand and high prices may stimulate ovine seen exceeding supplies from domestic sources. Imports
meat production in China and Türkiye. A high carryover by the European Union are also foreseen to rise, sourced
of animals from last year and some increases in breeding mainly from the United Kingdom. In the Republic of
stock may increase ovine meat production in the United Korea, imports could also increase, with a high percentage
Kingdom, notwithstanding the high input costs. sourced from Australia, which represented more than
By contrast, a production downturn is foreseen in 90 percent of the imported ovine meat last year. Solid
Ethiopia amid the continued poor pasture conditions consumer demand and relative ease in sourcing supplies
and water shortages, which have led to a large number from Oceania amid abundant supplies could trigger more
of livestock deaths in southern pastoral areas and a imports by countries in the Middle East.
significantly shrinking herd size. Likewise, ovine meat
output in the European Union is forecast to decline on Figure 9. Australia ovine meat production and
constrained supplies of slaughter-ready animals in line with exports
a lower national sheep flock.
thousand tonnes, cwe thousand tonnes, cwe
850 550
Trade to expand amid easing supplies
World ovine meat exports are forecast to increase in 2023 800 520
by 5.2 percent to 1.1 million tonnes, reflecting higher
shipments from Oceania to Asian destinations. Australia’s 750 490
exports are pegged at 521 000 tonnes, 9 percent above last

700 460
year, with an increased supply of high-quality sheep meat
and emerging market opportunities under the Australia-
650 430
United Kingdom free trade agreement. Higher exports are
also forecast for the United Kingdom and New Zealand, 600 400
2019 2020 2021 2022 2023
catering to increased demand from the European Union f’cast
and China. By contrast, Ethiopia and Uruguay may export Production Exports (right axis)
less in 2023 due to shortages in domestic supplies, while Source: Production - Meat and Livestock Australia (MLA),
Trade - FAO, based on Trade Data Monitor, (TDM)
for the European Union, lower production and high prices
could further affect export potential this year.
FOOD OUTLOOK
JUNE 2023
49
MILK AND MILK PRODUCTS
Market assessments
©iStock
PRICES Figure 1. FAO monthly dairy price index

(2014-2016=100)
Dairy prices trended downward on subdued
160
import demand despite tight global supplies
The FAO Dairy Price Index (DPI) averaged 118.7 points in 2022
May, down 31 points (21 percent) from June 2022, when
140
it reached its highest value over the previous eight years.
The decline in prices continued almost uninterruptedly 2023
throughout the last eleven months, mostly reflecting 2021
lacklustre global demand, especially for spot supplies, 120
notwithstanding generally tight supplies from leading global

exporters. Compared to their respective highs in March and
April 2022, the price of skim milk powder (SMP) declined 100
J F M A M J J A S O N D
the most, followed by whole milk powder (WMP) and butter, Source: FAO.
primarily driven by sluggish import demand, especially from

China, the world’s largest dairy importer. However, this was Figure 2. FAO monthly international price indices
partially compensated by increased imports by countries in for butter, cheese, SMP and WMP (2014-2016=100)
the Middle East and Southeast Asia. Market uncertainties 210
stemming from continued market lockdowns caused by the
”zero-COVID-19” policy in China, weaker country currencies 180
against the United States dollar and bleak economic growth

150
prospects compounded the price declines. Moreover, market
expectations of imminent price declines led to less active
120
buying, further weighing on price quotations. However, by
the third quarter of 2022, much of the market apprehension 90
began dissipating when supplies from Oceania’s 2022/23

60
production cycle began entering markets. In addition, steady 2017 2018 2019 2020 2021 2022 2023
increases in milk deliveries to processing plants in Western Dairy Price

Index
WMP SMP Butter Cheese
Europe during the fourth quarter of 2022 led to higher Source: FAO.
FOOD OUTLOOK
50 JUNE 2023
Milk and milk products
export availabilities, further weighing on the prices of most Milk output in Asia in 2023 is predicted to reach
dairy products. By contrast, international cheese prices 429 million tonnes, up 1.8 percent from 2022, underpinned
trended upward with occasional month-on-month declines, by likely expansions in India, China and Pakistan. In India,
reflecting persistent import demand. At the same time, milk output is pegged at 230 million tonnes, up 1.8 percent
supplies remained tight due to limited milk deliveries and from 2022 due to higher yields, assuming regular fodder
solid internal demand, especially in Western Europe. availability during the monsoon season. However, this
International dairy prices could have fallen more steeply growth rate represents a slower pace than historical year-
had it not been for market apprehensions about supply on-year expansions, reflecting some cattle losses due to the
limitations, as milk production tracked lower during the spread of the Lumpy Skin Disease. In China, milk output
summer months in Europe and North America, combined is pegged at 43.5 million tonnes, up 6.5 percent from
with concerns around limited production potential due to 2022; this forecast considers rising milk yields in large-
high energy costs and extreme weather events. Heightened scale dairy farms established under the dairy revitalization
internal demand from the food services sector in the strategy in 2018, although high feed costs and weaker
Northern Hemisphere, especially during the summer of milk prices remain concerns. Pakistan’s milk production is
2022, led to low export availabilities, preventing prices from expected to increase, although at a slow pace, reflecting
falling significantly. the 2022 floods that damaged milk farms with the loss of
cattle. Elsewhere in Asia, Uzbekistan, Kazakhstan and
Table 1. World dairy market at a glance Bangladesh are forecast to register significant increases
in milk output in 2023 due to rising cattle numbers, dairy
2021 2022 2023 Change: farm expansion and better farm management.
over Milk output in Japan is likely to remain stable since
2022
rising milk yields – facilitated by government subsidies for
million tonnes. milk equiv. %
producers of raw materials who market processed dairy
WORLD BALANCE
foods – could compensate for the higher feed costs and
Total milk production 931.1 935.9 944.0 0.9
a likely drop in dairy cattle numbers. By contrast, milk
Total trade 88.6 84.6 85.0 0.5
output is anticipated to fall in Türkiye due to reduced
cattle numbers amid a possible increase in cattle turnoffs
to minimize financial losses from rising input costs and
World (kg/year) 117.7 117.4 117.4 0.0
low farm gate prices. Milk output in the Republic of
Trade - share of prod. (%) 9.5 9.0 9.0 -0.4
Korea may drop for the third consecutive year, reflecting
FAO DAIRY PRICE INDEX 2021 2022 2023 Change:
(2014-2016=100) Jan-May Jan-May a continuing decline in dairy farms and the falling demand
2023
over for dairy products, with the exception of cheese, which
Jan-May
2022 continues to experience solid demand.
% In North America, milk output is predicted to reach
119 142 126 -11.1
113.7 million tonnes in 2023, increasing by nearly 1 percent
year-on-year, principally reflecting likely expansions in the
United States and Canada, with an increase in milk cows
MILK PRODUCTION compared to 2022. However, such favourable prospects
Global milk production likely to register a rest on the assumption that producer margins and cull cow
moderate expansion prices will remain at the current level for the rest of the
World milk production in 2023 is forecast to reach nearly year, especially in the United States.
944 million tonnes, rising by 0.9 percent year-on-year. If In Central America and the Caribbean, milk output is
confirmed, this would indicate a slightly higher year-on- forecast at 20 million tonnes in 2023, up 1.3 percent from
year growth rate. Milk production growth is expected to be 2022; this increase is mainly driven by expectations that
driven by Asia, North America, and Central America and the production in Mexico – the region’s largest milk producer
Caribbean1 in 2023, partially offset by anticipated moderate – will rise on the back of high milk yields on dairy farms
to marginal declines in South America, Africa and Oceania, featuring cattle with genetic improvements and modern
with stagnation in Europe. processing technologies, although high feed costs remain
a challenge. Milk output in several other countries in the
1
Unless otherwise stated, names of regions and countries throughout this
region, including Cuba, Puerto Rico and El Salvador,
chapter are listed by the magnitude of the volume change. is likely to be stable, given that increased feed availability
FOOD OUTLOOK
JUNE 2023
51
Market assessments
and genetic improvements in cattle may help to contain is expected to rise for cheese, SMP and whey powder,
negative fallout from extreme weather events. By contrast, given better economic performance and more lively food
milk production in the Dominican Republic and Costa services sales, benefiting New Zealand’s dairy exports and
Rica may drop due to rising feed costs and constrained stimulating production.
fodder availability under drier conditions. In Africa, the continent’s milk production is pegged at
In Europe, milk output is forecast at 233 million tonnes, 52 million tonnes, down 0.7 percent from 2022, reflecting
virtually unchanged from 2022, following two years anticipated decreases in Kenya, Egypt, Ethiopia and
of moderate declines. Anticipated output drops in the Morocco, as well as Mozambique, Madagascar and
European Union and Ukraine will likely be offset by Zimbabwe, mostly due to poor pasture conditions and
foreseen expansions in the Russian Federation, Belarus constrained fodder availability as a result of ongoing
and the United Kingdom of Great Britain and Northern drought conditions and rainfall deficits.
Ireland (United Kingdom). In the European Union, milk
production is expected to decline slightly (0.2 percent) on Figure 3. World milk production by region
account of reduced milk cow numbers, high feed costs
and extreme weather events, which are only partially million tonnes
countered by an expected increase in yields. By contrast, 450
rising yields in modern dairy farms are helping the Russian

Federation to sustain milk production growth despite 360
disruptions to dairy processing by raw material shortages.

270
Similarly, in Belarus, rising production efficiency in
modern farms and cattle breeding improvements could
180
support milk output expansion. In the United Kingdom,
moderate production growth is expected due to increasing
90
yields, improved pastures and favourable weather, but
this could be constrained by labour shortages and higher
0
production costs. Asia Europe North South Africa Oceania C. America
America America and the
In South America, milk production is forecast at 2022 estim. 2023 f’cast Caribbean
66 million tonnes, down by 0.6 percent from 2022, Source: FAO.
marking the third consecutive annual decline. The

anticipated decline is underpinned by expected output
drops in Brazil, Argentina, Colombia and Chile, INTERNATIONAL TRADE IN DAIRY PRODUCTS
principally owing to a multiyear drought that damaged
pastures as well as high input costs and reduced consumer A slight expansion in global dairy trade is
purchasing power. However, Brazil’s milk output may anticipated in 2023
benefit from potentially ample maize supplies. Global trade in dairy products is likely to expand slightly
In Oceania, milk production is forecast at (0.5 percent) in 2023 following a 4.6 percent drop last
29.4 million tonnes, marginally lower (0.2 percent) from year, up to 85 million tonnes (in milk equivalents). This is
2022. If confirmed, this would imply a nearly 5 percent principally due to an anticipated increase in import demand
lower milk output in Oceania in 2023 compared to by Algeria, Mexico, Australia, Indonesia, Saudi Arabia
2020, considering 0.2 percent and 4.6 percent declines and the Philippines reflecting a combination of higher
in output in 2021 and 2022, respectively. In Australia, demand from the food processing industry as well as
milk production is expected to fall, reflecting labour rising consumer demand that exceeds potential supplies
shortages and lower profit margins compared to other from internal sources. By contrast, import contractions
sectors. Such factors induce farmers to exit the industry, are forecast for China, the European Union, Malaysia
despite favourable weather conditions, the availability and Viet Nam. The projected decline in imports by
of sufficient water, lower water prices and the easing of China - the world’s largest dairy importer - reflects higher
input costs. By contrast, milk production in New Zealand stocks and increasing supplies from internal sources, more
is predicted to increase slightly mainly due to favourable than offsetting possible increases in imports due to the
weather conditions, contributing to fodder availability; expansion in food services sales, high demand from the
however, reduced cattle numbers and high input costs may food processing and the bakery sectors, with the end of
offset much of the increase. While, demand from China the zero-COVID-19 policy. In addition, dairy imports are
FOOD OUTLOOK
52 JUNE 2023
predicted to fall in the European Union, mostly related and smaller purchases by Asia. Exports from Ukraine and
to expected drops in butter imports. In Viet Nam, import Uruguay may also contract due to high internal demand
reductions are primarily due to anticipated declines in and challenging production conditions.
demand for milk powders caused by economic growth World trade in whey powder is forecast to register
slowdowns, while in Malaysia, mainly due to currency the highest volume gain year-on-year, followed by SMP
depreciation, especially against the Euro. and cheese, while a decline in butter and WMP trade is
Regarding exports, shipments from New Zealand may anticipated in 2023.
increase by 3.3 percent, reflecting higher supplies and
import demand by Eastern Asian countries and, to some Figure 4. Composition of global dairy exports
extent, the Middle East and North Africa. Moreover, more
significant exports are anticipated from the European
Union, the United States and Belarus. Shipments by million tonnes, milk equivalent
25
the European Union, especially of SMP, whey powder
and cheese, could rise in 2023 amid stable production and
20
available stocks, with destinations, especially to Southeast
Asia, the Middle East and Africa. Likewise, solid demand
15
in Latin America, the Middle East, North Africa and Japan
could lead to high shipments from the United States,
10
especially of cheese, SMP and whey powder. However,
exports may decrease in Australia, reflecting tight supplies
5
0
Butter Cheese SMP WMP Whey Others
Table 3. Trade in dairy products:
Principal exporting countries 2022 estim. 2023 f’cast
Source: FAO.
Average 2022 2023 Change
2020-21 estim. f'cast 2023 over
2022 Whole milk powder
thousand tonnes WMP trade is likely to contract moderately
(product weight)
WHOLE MILK POWDER Global WMP trade in 2023 is forecast to amount to
World 2 751 2 430 2 413 -0.7 2.4 million tonnes (product weight), down 0.7 percent
New Zealand 1 570 1 328 1 367 3.0
year-on-year; this would represent a second consecutive
European Union 322 241 227 -5.8
contraction following the 13.3 percent drop in 2022. The
Argentina 147 154 141 -8.8
anticipated decline is mostly due to foreseen reduced
Uruguay 140 130 128 -1.3
SKIM MILK POWDER imports by China as a result of the high stocks accumulated
World 2 622 2 585 2 623 1.5 since the record-high purchases in 2021 and high domestic
United States 849 831 839 1.0 availability due to increased local production. Rising
European Union 810 711 750 5.6 availabilities from Viet Nam’s dairy processing plants could
New Zealand 339 357 393 10.1 reduce the country’s need to import more WMP, while
Australia 142 154 123 -20.0
limited foreign exchange reserves, currency depreciations
BUTTER
and challenging economic conditions are behind expected
World 1 037 1 127 1 105 -2.0
New Zealand 411 451 456 1.0
declines in WMP imports by Sri Lanka and Nigeria.
European Union 287 254 258 1.3 Much of the expected decrease in imports may be offset
Belarus 86 88 90 2.3 by rising purchases by Algeria, Brazil, Iraq, the United
United States 42 82 74 -10.9 Arab Emirates and Saudi Arabia. The anticipated rise
United Kingdom 57 48 49 0.6
in imports into the Middle East primarily reflects growing
CHEESE
consumer demand and high household incomes.
World 3 501 3 511 3 560 1.4
European Union 1 393 1 338 1 347 0.6
Concerning exports, WMP shipments from the
United States 381 454 468 3.0 European Union, Argentina and Australia are
New Zealand 344 340 345 1.4 anticipated to decrease. On the other hand, exports from
Belarus 286 302 307 1.6 New Zealand, Belarus, Saudi Arabia and the United
United Kingdom 172 176 179 1.8
States, among others, will most likely expand. For New
FOOD OUTLOOK
JUNE 2023
53
Market assessments
Zealand, despite the subdued demand from China, higher Viet Nam, Bangladesh and Nigeria.
milk supplies and robust global import demand may On the export side, notable expansions in SMP sales are
result in the country’s WMP exports increasing in 2023 forecast for the European Union, New Zealand and
by 3 percent, rebounding after a drop in 2022. Similarly, the United States. The anticipated increase in SMP
Belarus should continue to expand exports, predominantly shipments from the European Union reflects the bloc’s
to the Russian Federation. However, tight supplies may competitive prices, particularly vis-à-vis the price-sensitive
lower exports from the European Union, where more African markets for fat-filled milk powders. Meanwhile,
milk is expected to be channelled into producing other benefiting from rising demand and the free-trade
dairy products with high internal and external demand, agreement, New Zealand is expected to export more
such as butter and cheese. Meanwhile, tight domestic milk SMP to China. The United States will profit from the
deliveries could lower exportable availabilities in Australia country’s price advantage and improved market access
and some Southern Common Market (Mercosur) countries, to its neighbour, Mexico. By contrast, tighter supplies
namely Argentina, Uruguay and Paraguay. and loss of competitiveness amid rising production costs
may lower Australia’s shipments in 2023 by as much as
20 percent, while Ukraine could register a contraction in
Figure 5. Global WMP imports and China import
share sales due to limited exportable supplies and challenging
shipping conditions.
thousand tonnes percent

1 000 40 Figure 6. Oceania SMP exports and prices
800 35
thousand tonnes USD per tonne

600 30
75 5 000
400 25
60 4 000
200 20
45 3 000
0 15
2018 2019 2020 2021 2022 2023
estim. f'cast 30 2 000
China Share of China in aggregate imports

(right axis) 15 1 000
Source: FAO, based in Trade Data Monitor (TDM)

0 0
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
Skim milk powder New Zealand Oceania SMP prices

(right axis)
Intense price competitiveness is likely in SMP markets Australia
Global SMP trade is predicted to reach 2.6 million tonnes,
up 1.5 percent from 2022, due to anticipated sizeable
increased purchases by China, Mexico, Indonesia, the
Philippines and Algeria, more than offsetting foreseen Butter
downturns in the Russian Federation, Viet Nam, World butter trade will likely fall from the 2022 highs
Bangladesh and Nigeria, among others. Following a Global trade in butter is forecast at around
20 percent decline in 2022, an upturn is expected in 1.1 million tonnes, a decline of nearly 2 percent from
China’s SMP purchases, driven by more active demand the above-the-trend increase registered in 2022, mostly
from food services, confectionary and bakery product due to expected declines in imports into the European
sectors owing to improved economic growth prospects Union, China and Canada, among others. Much of these
and the removal of COVID-19-related restrictions. More anticipated declines rest on high domestic availabilities due
SMP imports are also forecast for Mexico due to higher to likely increases in milk supplies in the months ahead.
demand from the food processing sector, and in Algeria, Increased domestic availability and subdued internal
due to growing demand from the infant formula product demand could lower butter imports by other countries,
market. Likewise, Indonesia and the Philippines are likely including the Philippines and Egypt. At the same time,
to increase SMP imports on rising internal demand. By a decrease in domestic butter availability is expected to
contrast, further declines in SMP imports are predicted for result in increased imports by Australia, while increasing
FOOD OUTLOOK
54 JUNE 2023
consumer purchases may cause imports to surge in the adjustment of the cheese tariff-rate quota for the fiscal
United Kingdom, the Republic of Korea and the United year (1 April 2023 to 31 March 2024), imports may
Arab Emirates. increase due to the rising popularity of cheese, especially
Significant export contractions are anticipated for the Western brands, and a moderate increase expected in food
United States, Ukraine, Uruguay and Australia. High services sales.
global competition and economic downturns in major The United States, the European Union, Belarus,
trading partners could lower butter shipments from the New Zealand and Australia are all predicted to increase
United States. Lower shipments of butter from Ukraine, their cheese exports in 2023, on expectations that food
Uruguay and Australia are primarily due to limited services sales will increase in most leading cheese importing
exportable availabilities. Despite a challenging global countries. On the supply side, more milk is expected to be
market situation, butter exports by New Zealand, the used for cheese production in leading exporters, such as
European Union, Belarus and the United Kingdom are the European Union, as cheese prices have been rising
anticipated to register upturns, facilitated mainly by the with less volatility despite high input costs. At the same
comfortable level of stocks and bolstered by the foreseen time, cheese exports from the United Kingdom may also
increase in production. increase due to eased customs procedures in the European
Union and the conclusion of the Comprehensive and
Progressive Trans-Pacific Partnership, which provides tariff-
Figure 7. Major butter importers
free quotas to Canada, Chile and Mexico as of March 2023.
thousand tonnes
200 Figure 8. EU-27 cheese production and energy
cost
160
thousand tonnes Euro per kilowatt - hour
5 000 0.25
120
4 800 0.20
80
4 600 0.15
40
4 400 0.10
0
2020 2021 2022 2023 f'cast 4 200 0.05
H1-2018
H2-2018
H1-2019
H2-2019
H1-2020
H2-2020
H1-2021
H2-2021
H1-2022
H2-2022
China Russian Federation United Kingdom
United States of America European Union
EU-27 Cheese Production

Electricity prices for non-household consumers
excl. taxes and levies (right axis)
Cheese Source: Eurostat
Global cheese trade could recover from last year’s dip
The world trade in cheese is forecast to register a
1.4 percent increase in 2023, up to 3.6 million tonnes,
following last year’s slight dip. The growth is mostly
driven by anticipated significant increases in imports by
the Russian Federation, Saudi Arabia, the United
States, China, the United Kingdom and Japan. After
a slowdown in 2022, cheese purchases by the Russian
Federation is likely to rise, with Belarus supplying most of
it. In China, more vigorous food services sector activities
and the westernization of diets continue to fuel high
demand for cheese products. The United Kingdom is
also expected to sustain cheese import growth in 2023,
primarily sourced from the European Union, as demand
outstrips internal supplies. In Japan, despite the downward
FOOD OUTLOOK
JUNE 2022
55
Market assessments
©Shutterstock
DETERIORATING ECONOMIC CONDITIONS Table 1. World fish market at a glance

AND MOUNTING UNCERTAINTIES DAMPEN
POST-PANDEMIC RECOVERY 2021 2022 2023 Change:
over
Global fisheries and aquaculture production1 in 2023 is 2022
expected to see a marginal increase compared to 2022 million tonnes (live weight) %
(+0.6 percent), with growth in the aquaculture sector WORLD BALANCE
compensating for a slight decline in wild catches. Production 182.1 184.4 185.5 0.6
Capture fisheries 91.2 91.0 89.5 -1.6
1
Global fisheries an d aquaculture production refers to aquatic animals, which Aquaculture 90.9 93.4 96.0 2.8
include fish, crustaceans, molluscs and other aquatic animals, excluding aquatic 176.6 190.2 192.4 1.2
Trade value
mammals, reptiles, aquatic products (sponges, corals and pearls), seaweed and (exports USD billion)
other algae.
Trade volume (live weight) 66.8 68.0 68.2 0.3
Total utilization 182.1 184.4 185.5 0.6

Figure 1. FAO Fish Price Index
(2014-2016=100) Food 161.2 164.2 166.1 1.2
Feed 16.9 16.1 15.3 -5.0

170
Other uses 4.0 4.0 4.0 0.0
150 SUPPLY AND DEMAND INDICATORS

130
Food fish (kg/yr) 20.4 20.6 20.6 0.3
110 9.4 9.4 9.2 -1.8
From capture fisheries (kg/year)
90 From aquaculture (kg/year) 11.5 11.7 11.9 1.9
FAO FISH PRICE INDEX 2021 2022 2023 Change:

70 (2014-2016=100) Jan-May Jan-May
2023
over
50 Jan-May
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
2022
%
FAO total fish price index
101.7 120.8 128.1 4.5
Capture total Aquaculture total
Source of the raw data for the FAO Fish Price Index: EUMOFA, INFOFISH,
Source of the raw data for the FAO Fish Price Index: EUMOFA, INFOPESCA, INFOYU, Statistics Norway
INFOFISH, INFOPESCA, INFOYU, Statistics Norway * Jan-Apr2022 over Jan-Apr 2021, in percent
FOOD OUTLOOK
56 JUNE 2022
Fish and fishery products
Production from capture fisheries is expected to
Figure 2. Norwegian salmon export prices
decrease slightly by around 1.6 percent in 2023 as bad
weather and lower quotas constrain catches of a number of
key species. Having already fallen by some 1 million tonnes NOK/kg
between 2021 and 2022, anchoveta catches are expected 120
to decline further in 2023, with poor catches thus far,

100
and an El Niño weather event anticipated for the second
half of the year. 80
Aquaculture will continue expanding to reach

60
96 million tonnes in 2023, a 2.8 percent increase over
2022, but marginally lower than the sector’s long-term 40
growth rate of 3.7 percent between 2015 and 2021. 20

Growth in species, such as salmon and tilapia, has slowed,
0
while the production of others, including pangasius
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Nov-18
Nov-19
Nov-20
Nov-21
Nov-22
Jun-22
Jul-18
Jul-19
Jul-20
Jul-21
and shrimp, is progressively expanding. Production
costs, especially for feed, are impacting the profitability 3-4 Kg 6-7 Kg
of many farmers. Source: European Price Report, FOB prices
Prices are high overall, with the FAO Fish Price Index
increasing from 122 points at the beginning of 2023 to finalized, there is still considerable uncertainty in the
130 points in April, which is close to its previous historic industry. Although investments continue to be made in
high in June last year. The upward price trend is expected new regions, growth in supply is expected to level off in
to keep the value of world trade in aquatic products higher the coming years.
than in previous years. The price difference between Prices for farmed Atlantic salmon have returned to
capture and aquaculture series has widened to 35 points, near record levels in the second quarter of 2023, although
mostly caused by a strong price increase for wild species, forward prices indicate a potential softening in the second
while the price growth for aquaculture species has been half of 2023. Demand has remained remarkably resilient,
more moderate. Certain groundfish and tuna species have with the industry continuing to be supported by a robust
seen record highs. and diversified set of markets, sales channels and product
The global trade in fisheries and aquaculture products ranges. The Norwegian industry has benefited from a
witnessed a period of high prices and significant growth in favourable exchange rate, boosting export values, which
2021 and 2022. However, the strong recovery in demand rose by 24 percent despite a 6 percent drop in volume.
that followed the COVID‑19 pandemic has slowed in 2023. Concurrently, a strengthening of the dollar has supported
Trade volumes will remain stable, rising by 0.3 percent from concerted growth in the US market, with imports in the
2022. The value of this trade is set to grow by 1.2 percent first quarter of 2023 up by 53 percent in value terms.
to USD 192.4 billion, considerably less than the 7.7 percent
increase seen last year. PANGASIUS
While fears of a recession are easing, inflation and
slow economic growth will limit the disposable incomes Pangasius remains in high demand in key markets, such as
of consumers, with the impact of reduced growth in the United States of America (United States) and China,
demand for aquatic products already evident. Along where imports have consistently increased. Although prices
with slowing consumption growth, there has been an softened after reaching record highs in 2022, they remain
accelerated reshuffling of products, particularly favouring above the levels seen in previous years. That being said,
lower-cost farmed fish over increasingly expensive wild- pangasius is far more economical than most other whitefish
caught whitefish. species, placing it in a favourable position for consumers
who are prioritizing cost. In 2022, China regained its
SALMON position as the largest market for pangasius, importing
188 000 tonnes of fillets from Viet Nam, 75 percent more
Having declined slightly in 2022, salmon production is than in 2021. Pangasius has gained market share against
expected to normalize in 2023 with a 4 percent growth in wild-caught whitefish in the US market, with its competitive
global farmed supply. The proposed Norwegian salmon tax pricing, which is attractive to consumers. Viet Nam
led to severe disruption, and with the terms not yet maintained its leading role in pangasius production, with
FOOD OUTLOOK
JUNE 2022
57
Market assessments
annual harvests rising by 14 percent in 2022. Stocking for sluggish economic growth. Production costs have also
harvest in 2023 is thought to be only slightly higher than risen rapidly, potentially leading to stagnant or slightly
in 2022, with narrow margins making farmers wary of negative growth in seabream production. However, seabass
overinvestment. production is expected to increase slightly due to marginally
better market conditions. While a consistently weaker
TILAPIA Turkish Lire is encouraging exports from Türkiye, the world’s
largest producer of European bass and bream, this has
Global tilapia production is projected to maintain a complicated matters for producers, who rely heavily on
steady growth rate in 2023, although falling prices pose imported inputs, particularly feed.
a significant challenge to farmers. Domestic demand for
farmed tilapia in China is steadily growing due to the TUNA
expansion of retail marketing networks and improved
cold chain infrastructure. In Asia, Indonesia and Viet Nam Catches remained low in the first quarter of 2023, with
are emerging as important regional producers, with limited supplies expected until at least September, when
harvests increasing by 7 and 14 percent, respectively, in the ban is lifted on fish aggregating devices in key areas
2022. In Latin America, both the Brazilian and Colombian under the responsibility of the Western and Central Pacific
tilapia industries are experiencing robust growth, with Fisheries Commission. Yellowfin prices are exceptionally
Brazil focusing on the domestic market and Colombia high, remaining above USD 2 500 per tonnes, while skipjack
aiming to expand its export business to the United States. prices have levelled off at around USD 1 700 per tonne.
may be reduced. Trade in semi-processed tuna that has been pre-cooked,
cleaned, vacuum packed and then frozen for use in the
GROUNDFISH canning industry makes up an increasingly significant
proportion of trade. European countries were the first
In 2023, whitefish supplies will fall slightly below 2022 important markets for these products, but processors
levels, with wild catches dropping to 7 million tonnes in Asia are beginning to import more. China, Indonesia
while farmed production is set to increase slightly to and Viet Nam are the major suppliers, having established
14.6 million tonnes. Specifically, pollock supplies are significant processing industries to supply this demand.
expected to grow, while cod and hake will remain low. Despite rising prices, premium formats, such as tuna for
The total allowable catch for Alaska pollock has been sashimi, remain in high demand. While continued COVID-19
set at 3.5 million tonnes, up by 15 percent from 2022. restrictions in Japan, the main market, limited consumption
Norway, the leading producer of Atlantic cod, has seen through mid-2022, growing European and US demand have
catches decline by 40 percent over the last two years, made up for the deficit.
restricting supply. Movements in the Norwegian Krone
against the Euro have made many of the European Union’s
imports relatively cheap, yet tight supplies continue to
Figure 3. Thai skipjack tuna prices
push prices up. Fish from the Russian Federation can
no longer be shipped to the United States due to trade
restrictions arising from the war in Ukraine, including USD/tonne
2000
the large proportion of Russian groundfish typically
processed in China for export. The domestic market and 1750
exports to Asia and Africa have absorbed much of these 1500
unallocated supplies. 1250
1000
SEABASS AND GILTHEAD SEABREAM 750
500
Following high prices in the first quarter of 2023, both 250
European seabass and seabream prices have returned to 0
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Sep-18
Sep-19
Sep-20
Sep-21
Sep-22
levels consistent with the previous two years. The price

adjustment came in response to weak demand, especially
1.8Kg lb/pc & up, CFR Bangkok, Origin: Western Pacific
from the European Union, as consumers face reduced Source: INFOFISH trade news
disposable incomes due to inflationary pressures and
FOOD OUTLOOK
58 JUNE 2023
Fish and fishery products
SMALL PELAGICS
Figure 4. Ecuador shrimp exports
Quotas for capelin, Atlantic mackerel and Atlantic herring
have been cut for 2023, pushing prices up. Despite these thousand tonnes thousand tonnes
reductions, quotas set on the catches of northeast Atlantic 600 1000
mackerel still exceed the levels recommended by the 900
500
International Council for the Exploration of the Sea by
400 800
350 000 tonnes, or 30 percent.
The outlook for the 2023 anchovy fishery indicates 300 700
continued low catches. An ongoing stock assessment 200 600

will largely determine quotas and supply potential for the
100 500
remainder of the year. Horse mackerel is expected to see
a slight growth in catches due to the broader presence 0 400
2020 2021 2022
of cold water in the coastal zone of south-central Chile. China United States Spain
Meanwhile, total capelin landings are projected to reach of America
Other Total exports (right axis)
around 350 000 tonnes, with the majority being utilized countries
Source: EuroStat
for reduction into fishmeal and fish oil. Iceland has
raised its quota considerably, which may affect capelin
roe prices. However, higher blue whiting landings may States, China and the European Union, the rapid increase
compete with capelin and herring as raw materials for in production seen in 2022 has led to oversupply in the
fishmeal and fish oil. world market. These ample supplies have caused prices
to decline, which, in tandem with increased feed costs,
FISHMEAL AND FISH OIL poses a significant challenge for farmers and the long-term
profitability of the sector. In the first quarter of 2023, shrimp
2022 was one of the poorest seasons in recent years for imports in traditional large markets such as the United
anchoveta landings. Peru, the primary global source of States, the European Union and Japan were lower than the
fishmeal and fish oil, saw catches decline by 20 percent. previous year but increased in China. This trend in decreased
A larger than usual proportion of juvenile fish in those imports is largely expected to continue, which, given the low
catches also limited oil yields, leading to an acutely tight level of Chinese export prices, makes a price recovery in the
supply situation for fish oil. An expected El Niño weather international market unlikely.
event later in 2023 is likely to further limit supplies from
Latin American producers, particularly Peru and Chile. The Figure 5. Peruvian fishmeal and fish oil prices
shortfalls in Peruvian supply have been somewhat offset
by increased catches in secondary producers, particularly USD/tonne
Greenland, however the importance of the anchoveta for 6000
global supplies means that there is still a dearth in the

5000
market. In addition, rising demand in the summer months
will lead to firm prices. Fish oil prices have climbed rapidly 4000
since late 2021 and are expected to continue in 2023. High 3000
prices and limited supplies have led to significant changes
2000
in feed formulation and have encouraged the further
development and integration of novel ingredients, such as 1000
algal oil and biodiesel co-products.
0
Aug-18
Aug-19
Aug-20
Aug-21
Aug-22
Feb-18
Feb-19
Feb-20
Feb-21
Feb-22
Jan-23
SHRIMP
Fish oil Fishmeal
Pervian FOB
Low prices are expected to limit growth in farmed shrimp Source: Oil World
production in 2023. Ecuador and Viet Nam saw double-
digit growth in harvest volumes in 2022, with Ecuador
exceeding 1 million tonnes of vannamei production. While
there is healthy demand in the major markets of the United
FOOD OUTLOOK
JUNE 2023
59
LOBSTER
Market assessments
prices have maintained a low level, reflecting weak

consumer demand.
The overall situation in 2023 indicates limited supplies, The Russian Federation, previously a major exporter of
with rising demand from China and the United States king crab and snow crab to the United States and Canada,
causing prices to strengthen. The EU-US Agreement on has had to redirect its exports. Much of the excess supply
Lobster Tariffs, which eliminated tariffs on American- has found its way to Asia, particularly China, the Republic
caught lobsters exported to the European Union, has not of Korea and Japan
increased export volumes. Instead, American exporters have
continued to target the Chinese market, while Canadian
exporters are now reaping the benefits of increased BIVALVES
demand in Europe. The popularity of spiny warm water
lobster is on the rise in North America, now accounting for Demand for bivalves was relatively subdued throughout
22 percent of US lobster consumption. At the same time, 2022, with higher prices prevailing. Supply was also limited,
catches are expected to continue to decline, having already experiencing a decline compared to previous years due to
fallen by approximately 4 000 tonnes since 2021. various challenges, including adverse weather in producer
regions and increased production costs. These factors are
CRAB expected to continue into 2023, keeping supplies limited.
The mussel trade experienced a significant reduction last
The total global snow crab quota for 2023 has been set year, primarily due to a sharp decrease in trade with the
at 160 000 tonnes, the highest since 2012. Canada, the Russian Federation. Exports from Chile, in particular, were
Russian Federation and Norway have all increased their heavily affected by this trade disruption. Spain, the largest
quotas, while the Alaskan snow crab fishery closed early market and producer of mussels in the European Union,
in response to a sudden drop in stocks. There are also was impacted by the reduced trade but remained the main
large inventories left over from the 2022 harvest. Demand exporter. France and Italy, the second and third largest
has been low over the past 12 months, reeling in prices producers, also faced challenges.
considerably and leading to disputes between fishers In contrast, the oyster trade expanded during the
and processors. same period, driven by strong demand in the US market.
The market for Dungeness crab is tight, with the Oregon France remained the leading exporter of oysters, and its
season delayed by excessive levels of domoic acid. The trade volume increased compared to 2021. However,
season started in February but may close again if excessive oyster production in the Thau region of France faced
levels of the biotoxin are detected. The Californian season difficulties due to the high mortalities caused by
closed earlier than anticipated, following a number of exceptionally warm weather.
entanglement cases of humpback whales. Interestingly,
CEPHALOPODS
Figure 6. US king crab prices
Sustained growth in the demand for octopus has depleted
several stocks, resulting in continued limited supplies. Trade
USD/lb
volumes have declined further in 2023, while prices have
60
strengthened greatly. The availability of octopus is expected
50 to remain limited, and further price increases are expected.
40
Squid catches were lower than usual in early 2023. The
Argentine squid season is off to a disappointing start, with
30
the 65 000 tonnes of illex squid (Illex argentinus) landed
20 within the first three months of the year being considerably
below the same period in previous years. The world market
10
is expected to tighten due to limited supplies from other
0 regions, and prices will rise as a consequence. Trade is
Mar-19
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Sep-19
Sep-19
Sep-20
Sep-21
Sep-22
expected to drop in 2023. China will maintain its position

9-12 oz/pc 14-17 oz/pc
as the largest importer and exporter, despite a decline in its
Claw and sections, red, EXW New York share of trade.
Source: INFOFISH Trade News
FOOD OUTLOOK
60 JUNE 2023
61
FOOD OUTLOOK
JUNE 2023
SP
FE ECI
AT AL
UR
E
Food inflation in net food importing developing
Special feature
countries (NFIDCs):1 characterizing the increase
and the effect of currency movements
Contributed by: 2023). The vast majority of central banks around the world
ElMamoun Amrouk* have raised interest rates at least once since 2021. For
example, as of May 2023, the Federal Reserve Bank of the
Introduction United States had hiked its federal funds rate target ten
times since March 2022 (United States Federal Reserve,
Since the beginning of 2021, the consumer price index 2023). So far, it seems the world has managed to avoid
(CPI), the most widely used measure of inflation, has a recession despite an expected slowdown in economic
increased rapidly to levels not seen in several decades in activity for 2023. The latest economic projections released
all regions of the world, including advanced, emerging by the International Monetary Fund (IMF) indicate that
and low-income economies. Despite recent data indicating growth in the world’s gross domestic product (GDP) is
that inflation is abating, notably in the United States of anticipated to reach 2.8 percent in 2023, which is down
America and the European Union, price pressures continue from the 3.4 percent recorded in 2022, before rising back
to occupy centre stage in many countries, where inflation to 3 percent in 2024 (IMF, 2023). Second, the significant
rates remain stubbornly high. High and persistent inflation increases in the food and beverage component of the
has a number of macroeconomic consequences since consumer price index (CPI) have raised concerns around
it distorts market price signals that reveal the changing persistent inflation, and possibly a change in long-term
scarcity of goods and services, leading to inefficiencies in inflation expectations, which would require stronger actions
the allocation of resources (Spencer, 1975; Hayek, 1960). by central banks (Armantier et al., 2022). Importantly,
Importantly, it could also contribute to widening income rising food prices can lead to social unrest and increased
inequalities, with the most vulnerable people bearing the financial risks, undermining efforts to fight poverty and
heaviest economic burden (Colciago et al., 2019; Easterly food insecurity and wiping out any progress achieved so
and Fischer, 2001; Romer and Romer, 1998; Bulír, 2001; far. The IMF estimates that global inflation will decline from
Menyhert, 2022). 8.7 percent in 2022 to 7 percent this year and 4.9 percent
There is a general agreement that the recent surge in 2024. These forecasts are based on a number of
in inflation was driven by three main factors – rising assumptions that can alter the basic working scenario.
commodity prices, supply chain disruptions and strong This note describes recent changes in the food
aggregate demand spurred by expansionary monetary component of the CPI (FCPI) for countries from the group
policy and fiscal support implemented to address the of NFIDCs, given their dependence on food imports to meet
economic setbacks caused by the COVID-19 pandemic (IMF, food security needs and the relatively high share of food in
2021; Cline, 2023; Stiglitz, 2023). While there is a general their household budgets. It examines the extent to which
consensus about the broad causes of the inflation, much of changes in international prices for wheat, maize and rice
the recent debate tends to revolve around two important have impacted the NFIDCs, taking into account movements
issues. First, questions remain about the appropriate public in exchange rates. The last section of the note offers
policy interventions and, in particular, whether and how some general recommendations as to how domestic food
high interest rates should be raised to rein in inflation inflation might be tackled.
without triggering a severe economic recension – a so-
called “soft landing” scenario (Verbrugge and Zaman, Data and Method
While international food commodity prices have

1
Net food-importing developing countries (NFIDCs) are included in a list of
countries maintained by the World Trade Organization (WTO)’s Committee generally declined since reaching their highest levels in
on Agriculture. The selection criteria and the list of countries can be found at March 2022, domestic food prices in many countries
https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/G/AG/5R11.
pdf&Open=True
remain high or continue to increase. The FAO food price
* Useful comments and suggestions provided by George Rapsomanikis. index (FFPI), which captures price movements of some
FOOD OUTLOOK
JUNE 2023
63
of the most traded staple foods, reached 159.7 points much earlier, in May 2021. The strength of the United
Special feature
in March 2022 and then declined for 12 consecutive States dollar, and the resulting depreciation of the real
months to 127.0 points in March 2023, corresponding to a exchange rate of other currencies against the dollar, means
20.5 percent decline, before a slight increase in April, which that the increase in international commodity prices tends to
was more than offset by a 2.6 percent decline in May 2023. be exacerbated in domestic currency terms. It also means
The analysis in this note uses international price data that declines in world commodity prices denominated in
for the major cereals, which refer to standard benchmarks: United States dollars are not proportionally transmitted in
No.2 yellow corn, United States FOB Gulf Ports, for maize; local currency terms when the dollar is appreciating. During
No.2 hard red winter wheat, ordinary protein, United States the 2007–08 global food price crisis, the depreciation
FOB Gulf Ports for wheat; and export prices, India, rice of the United States dollar helped many food-importing
(25 percent), for rice. To capture changes in domestic prices countries offset the increase in international food prices
in NFIDCs, the analysis uses data on consumer prices, food in domestic currency terms. The current context seems to
indices (2015 = 100) available from FAOSTAT (FAO, 2023), have created the opposite scenario.
with the series for all countries running until September
2022. Changes in the food consumer price indices are Evolution of the food consumer price
assessed by computing the cumulative changes in food CPIs index in NFIDCs
for each of the NFIDCs. An aggregate FCPI is also derived
for the group by computing a population-weighted average Figure 1 represents the population-weighted average of the
FCPI. Population data are taken from FAOSTAT. The analysis FCPI for the NFIDCs.4 It illustrates the marked acceleration
focuses on the period between March 2022 (the highest in food inflation, which started in the second half of 2020.
level reached by the FFPI) and September 2022 (latest data Between June 2020 (when the FFPI started to increase) and
available for the food CPI in FAOSTAT). September 2022, the FCPI increased by about 38 percent.
The extent of the transmission of changes in world food The acceleration in food inflation is further illustrated in
prices to domestic markets in the NFIDCs is assessed by Figure 2, which shows the monthly percentage change in
considering movements in nominal exchange rates. The the FCPI, computed by taking the difference in logarithm
world prices for wheat, maize and rice in real local currency of two consecutive monthly values of the FCPI. This shows
terms are computed as follows: that the FCPI increased by an average of about 1 percent
per month between June 2020 and March 2022, before
#
𝑊𝑊𝑊𝑊!" '
= 𝑊𝑊𝑊𝑊$%& ∗ NER ∗
(")*!"#
(1) peaking at 2.43 percent in April 2022. Soon after, however,
(")*$%
the rate of food inflation began a downward trend. This
where WP refers to the world price of the selected was somewhat similar to the situation during the 2007–08
cereals (wheat, maize and rice), R stands for real (inflation global food price crisis, when the change in the FCPI in the
adjusted), N stands for nominal, NER represents the NFIDCs reached its peak in February 2008, before trending
nominal exchange rate, LC stands for local currency, FCPI downward towards its average value, reaching that level
is the food consumer price index and USD refers to the after seven to eight months. However, it is important
United States dollar. to recognize that the current economic and geopolitical
Data for nominal exchange rates in the NFIDCs were contexts are quite different.
collected from the International Financial Statistics (IFS) of An analysis of the FCPI monthly percentage change
the IMF.2 By combining the nominal exchange rates with series over the sample period indicates that, on average,
data on FCPIs, we derived the real exchange rate vis-à- the FCPI increases by 0.5 percent per month in NFIDCs.
vis the United States dollar. The use of the real exchange Overall, the series is characterized by relative elevated
rate serves to account for changes in nominal exchange volatility, with more peaks than troughs, but it is mean
rates when converting international commodity prices to reverting, i.e. it tends to revert back to its long-term
domestic terms. For example, the value of the United States average after some periods.5
dollar versus a broad basket of currencies appreciated by
4
Based on available data, the analysis covers 71 NFIDCs from a total of 78
8 percent between March 2022 and September 2022.3 The countries forming the group.
sustained appreciation of the United States dollar began 5
The stationarity property of the series is tested using the Augmented
Dickey-Fuller (ADF) and the Phillips-Perron (PP) tests. Results show that the
FCPI percentage change series is stationary (around its mean), with the null
2
https://data.imf.org/
hypothesis of the presence of a unit root strongly rejected. Also, the kurtosis
3
See FRED, Federal Reserve Bank of St. Louis. https://fred.stlouisfed.org/series/ coefficient of the series is larger than the normal distribution, indicating
TWEXBGSMTH that the probability of observing peak values is higher than that under
FOOD OUTLOOK
64 JUNE 2023
Percent Index
-2
-1
0
1
2
3
20
40
60
80
100
120
140
160
180
200
Apr-0 5
2005 04
Ma r-06
2006 03
Feb-07
2007 02
Jan-08
2008 01
Source: FAO, 2023 and author’s calculation

Dec-0 8 2008 12
Nov-0 9 2009 11
Oct-10 2010 10
Sep-11 2011 09
Figure 1. Evolution of the FCPI for the NFIDCs
Aug-1 2 2012 08
Jul-1 3
Date
Date
2013 07
Jun-1 4
Figure 2. Monthly percentage change in the FCPI for NFIDCs

2014 06
Ma y-15 2015 05
Apr-1 6 2016 04
Ma r-17 2017 03
Feb-18 2018 02
Jan-19 2019 01
Dec-1 9 2019 12
Nov-2 0 2020 11
Oct-21 2021 10
JUNE 2023
FOOD OUTLOOK
Sep-22 2022 09
65
Special feature
Figure 3. Percentage change in FCPI between June 2020 and September 2022 in NFIDCs
Special feature
Sri Lanka
Et hiopia
Angola
Sierr a Leone
Ha it i
Malawi
Pa kista n
Za mbia
Bur undi
Sao Tome and P rincipe
Bur kina Fa so
Rwanda
Guine a
Sam oa
Senegal
Myanmar
Ga mbia
Moza mbique
Mauritania
Mongolia
Egypt
Mali
Dominican Re public
Mauritius
Kenya
Pe ru
Tunis ia
Bot swana
Af ghanista n
Ja maica
Banglades h
Les ot ho
Uganda
Madagascar
Tr inida d and T obago
Hondura s
Guine a-Bis sau
Togo
Mor occo
Na mibia
Antigua a nd Ba rbuda
Barbados
Niger
Ne pa l
Saint Vincent and the Gr enadines
Côt e d'Ivoire
Bhuta n
Timor-Le ste
El Salvador
Vanuatu
Kiriba ti
Somalia
Cha d
Djibouti
Saint Kit ts and N evis
United Re public of Ta nza nia
Cambodia
Maldives
Yem en
Solomon Islands
Gr enada
Es watini
Ga bon
Dominica
Lao People 's D emocrat ic Re public
Jordan
De mocr atic Republic of the Congo
Libe ria
Saint Lucia
Com or os
Benin
-20 0 20 40 60 80 100 120
Percent
Note: Based on available data, the analysis covers 71 out of the 78 countries in the group of NFIDCs.
FOOD OUTLOOK
66 JUNE 2023
Figure 3 shows the percentage change in food inflation food imports more expensive in local currency terms and
for a number of NFIDCs between June 2020 (when the FFPI contributes to domestic inflation. This particular issue is
Special feature
started to increase) and September 2022.6 The vast majority addressed in the following section.
of countries experienced double-digit inflation during this
period. The cumulative distribution function indicates that The effect of the United States dollar
half of the NFIDCs were likely to experience food inflation appreciation on food prices in NFIDCs
of more than 20 percent during this period, when FFPI
grew by 41 percent. It is important to note, however, that It is estimated that over the period of 1999 to 2019, the
a direct comparison of both indices can be misleading. United States dollar accounted for 96 percent of trade
The FCPI not only takes into consideration a broader range invoicing in the Americas, 74 percent of trade invoicing
of commodities than the FFPI, but it also includes other in the Asia-Pacific region and 79 percent in the rest of
products such as fruits and vegetables, processed foods the world, while the Euro was the dominant currency in
and beverages. In addition, the FCPI considers both food Europe (Correa et al., 2022). The relative importance of
consumed at home and away from home. The latter means the dollar means that dollar currency fluctuations directly
that the index is influenced by a host of variables that affect the cost of imports in local currency terms. However,
range from labour cost to rent and overheads. the variation in nominal exchange rates is only one key
To summarize, while food inflation in NFIDCs has element to consider, the other being the purchasing power
accelerated over the past 18 months, data up to September parity (PPP) of a currency. This is where the real exchange
2022 seems to indicate that the pace of acceleration rate concept comes into play. PPP considers fluctuations in
has weakened since reaching a peak in April 2022. This the nominal exchange rate and the ratio of the price level
trend may be confirmed once more recent official data between two countries to measure the value of a country’s
becomes available in FAOSTAT. The observed disinflation goods against those of another trading partner or the
is mainly a reflection of falling energy and non-energy rest of the world.
commodity prices, the easing of supply chain bottlenecks The concept of real exchange rate is applied in Equation
and improvements in global food supplies, as well as the (1), which we use to measure changes in world market
expected restraining impact of monetary tightening on prices expressed in real domestic currency (DC) terms for
commodity prices (Frankel, 1986) and on global economic wheat, maize and rice in NFIDCs. The comparison was
activity. However, there are still sizeable risks associated carried out between June 2020, when cereal prices initiated
with this somewhat positive pattern. Food inflation their upward trend, and the month in which the prices
growth can pick up again and remain sticky for some time reached their highest level.7 The results show that world
because of a number of local and international factors. wheat prices went up by 163.2 percent between June 2020
These include stronger global demand than anticipated, and May 2022 and, when expressed in real local currency
a sudden surge in energy prices, an upturn in fertilizer terms, prices rose by an average of about 169.2 percent
prices, and adverse weather shocks that compromise crop in the NFIDCs. Hence, the real appreciation of the United
harvests and reduce supplies. National policy measures can States dollar resulted in an additional 6 percentage points
also play a major role when countries implement export increase in the price of wheat when expressed in real local
restrictions or subsidize food imports to contain domestic currency terms. Likewise, international maize prices went
price surges. Clearly, persistent or emerging geopolitical up by 135.2 percent, and by 139.4 percent in real domestic
tensions can also fuel new rounds of inflation. At this point currency equivalent. On the other hand, world rice prices
in the inflation cycle, it is critical that central banks stay the decreased by 0.3 percent between June 2020 and February
course with rate hikes until it is apparent that core inflation 2021, but when converted into real local currency terms,
(excluding food and energy) stability is returning. Finally, the decline was comparatively stronger at 0.6 percent, as
a sustained real appreciation of the United States dollar the United States dollar depreciated during that period.
against other currencies, including those of NFIDCs, renders We applied the same analysis for the selected
commodities to the period between the FFPI peak in
the assumption of a normal distribution. The result of the Jarque-Bera test
confirms the rejection of normality for the series. In addition, the Ljung-Box
2022 and September 2022 (the latest available data for
test for autocorrelation, when applied to the series, points out evidence of the FCPI in FAOSTAT). That period was characterized
autocorrelation, indicating a large degree of similarity between FCPI values over by a sustained decline in international food commodity
successive time intervals. Finally, the ARCH test for heteroscedasticity indicates
the presence of ARCH effect, showing the dominance of time-varying volatility
and volatility clustering. 7
International maize prices reached a peak in April 2022, while wheat and rice
6
Latest available data for FCPIs in FAOSTAT (FAO, 2023). recorded their highest level in May 2022 and February 2021, respectively.
FOOD OUTLOOK
JUNE 2023
67
Figure 4. Changes in world cereal prices in NFIDCs expressed in USD and in real domestic currency terms
Special feature
-19.7
Wheat
-15.4
-10.2
Maize
-4.8
-3.9
Rice
3.8
-25 -20 -15 -10 -5 0 5 %
World price in USD World price in real local currency
Note: Changes represent percentage change in cereal prices from their high levels since June 2020 and September 2022.
prices, as illustrated by the FFPI, which fell by 14.8 percent terms rose, on average, by as much as 6 percentage points
between March 2022 (its highest value) and September more than the increase in world wheat prices expressed in
2022. The analysis indicates that the international prices United States dollars. On the other hand, at the height of
of maize, wheat and rice – expressed in real local currency the COVID-19 pandemic (April 2020–January 2021), the
terms – fell less than the world price of these commodities depreciation of the United States dollar cushioned some of
expressed in United States dollars. For example, world the increase in world prices (expressed in local currencies).
maize prices declined by 10.2 percent between April 2022 Second, the sustained fall in world cereal prices, after
and September 2022. However, when expressed in real reaching a peak in mid-2022, was not fully transmitted to
local currency terms, maize prices only fell by an average NFIDCs in real domestic prices. Changes in real exchange
of 4.8 percent in the NFIDCs. The rice case is interesting: rates are only one component of food import costs, which
while world rice prices declined, prices in real local currency also include elements such as transportation, insurance,
terms actually increased. Hence, the relative strength of financing and other retailing fees. Increases in these costs
the United States dollar with respect to the currencies of constitute a burden, particularly on the poorest and most
the NFIDCs prevented these countries from benefiting fully vulnerable people, with serious implications for their food
from the fall in international cereal prices (See Figure 4). security. Further analysis is warranted to assess the extent to
which these elements have contributed to recent domestic
Concluding comments food inflation.
Third, while food inflation in the NFIDCs rose in mid-
The analysis described in this note gives rise to several 2020 for several successive months, data up to September
observations. First, the real appreciation of the United 2022 seems to indicate that the pace of inflation has
States dollar meant that the increase in international abated since reaching a peak in April 2022. Updates are
cereal prices was generally much higher when prices were needed to confirm this trend. Yet there are heightened
expressed in local currency terms. For the group of NFIDCs, risks linked with this somewhat encouraging prospect.
the analysis showed that, over the period from June 2020 Energy prices could pick up again quickly, feeding into
to May 2022, world wheat prices in real local currency headline inflation. Nominal wage rates could accelerate
FOOD OUTLOOK
68 JUNE 2023
beyond current projected levels, fuelling concerns over a Correa, R., Goldberg, L.S., Lerman, R. & Sun, B. 2022.
wage–price spiral. We also do not know to what extent the The Fed’s inaugural conference on the international
Special feature
roles of the US dollar. FEDS Notes. Washington: Board
COVID-19 pandemic and the energy crisis have affected
of Governors of the Federal Reserve System, July 5,
the productive capacity of agrifood systems. It is possible
2022, https://doi.org/10.17016/2380-7172.3169.
that decision-makers are overestimating the amount of
resources in the economy that are not used, meaning that Easterly, W. & Fischer, S. 2001. Inflation and the poor.
inflation may in fact be more sticky than current forecasts. Journal of Money, Credit and Banking, 33: 160–178.
Finally, changes in the rate of inflation in the NFIDCs tend
to be mean-reverting after a shock, implying that the FAO (Food and Agriculture Organization of the United
Nations). 2023. Consumer price indices. In: FAO.
inflation rate returns to its long-term average level after
Rome. Cited 4 May 2023. https://www.fao.org/faostat
some periods.
/en/#data/CP
Defeating inflation requires coordinated actions at
national and international levels. Central banks need to Frankel, J.A. 1986. Expectations and commodity price
maintain tight monetary policies until core inflation is dynamics: the overshooting model. American Journal of
clearly on a downward trajectory. Likewise, authorities Agricultural Economics, 68: 344–348.
should prioritize fiscal consolidation, with well-targeted
Hayek, F.A. 1960. The constitution of liberty. Chicago, USA,
measures to support the poor, vulnerable and food-insecure
The University of Chicago Press.
segments of the population. A tight fiscal stance keeps
debt service costs within acceptable limits, which ensures International Monetary Fund. 2021. World Economic
financial stability, resilience to future shocks and, in the Outlook: recovery during a pandemic – health concerns,
case of NFIDCs, the capacity to finance food import bills. supply disruptions, price pressures. Washington, DC.
In addition to monetary and fiscal measures, governments
should work towards introducing effective supply-side International Monetary Fund. 2023. World Economic
Outlook: a rocky recovery. Washington, DC.
actions that can ease headline inflation and, in particular,
food inflation. For example, incentives can be introduced Menyhert, B. 2022. The effect of rising energy and
to accelerate the adoption of farm productivity-enhancing consumer prices on household finances, poverty and
innovations and technologies, and improve access to social exclusion in the EU. Luxembourg, Publications
markets, credit and extension services. Digitalization, Office of the European Union.
science, investments in climate change and renewable
energy can also help win the battle against inflation. Romer, C.D. & Romer, D.H. 1998. Monetary policy and the
well-being of the poor. Working Paper Series. National
Finally, empowering women and youth and promoting
Bureau of Economic Research. Working paper No.6793.
their participation in agrifood systems will go a long
way towards sustaining productivity growth and easing Spencer, R.W. 1975. Inflation, unemployment and Hayek.
inflationary pressure. Review 57: 6-10. St. Louis, USA, Federal Reserve Bank
of St. Louis. https://doi.org/10.20955/r.57.6-10.rbm
References
Stiglitz, J.E. 2023. How not to fight inflation. In: Project
Armantier, O., Sbordone, A., Topa, G., van der Klaauw, Syndicate, 26 January 2023. Kings Park, USA. https://
W. & Williams, J.C. 2022. A new approach to assess www.project-syndicate.org/commentary/us-inflation
inflation expectations anchoring using strategic surveys. -fed-interest-rates-high-costs-dubious-benefits-by
Journal of Monetary Economics, 129: S82–S101. -joseph-e-stiglitz-2023-01?barrier=accesspaylog
Bulír, A. 2001. Income inequality: does inflation matter? IMF United States Federal Reserve. 2023. Decisions Regarding
Staff Papers, 48(1): 139–159. Monetary Policy Implementation. Implementation
Note issued May 3, 2023. Press release. https://
Cline, W. 2023. Fighting the pandemic inflation surge of www.federalreserve.gov/newsevents/pressreleases
2021-2022. Working Paper 23–1. Washington, DC, /monetary20230503a1.htm
Economics International, Inc.
Verbrugge, R. & Zaman, S. 2023. The hard road to a soft
Colciago, A., Samarina, A. & de Haan, J. 2019. Central landing: evidence from a (modestly) nonlinear structural
bank policies and income and wealth inequality: a model. Working Paper No. 23-03. Federal Reserve
survey. Journal of Economic Surveys, 33: 1199–1231. Bank of Cleveland. https://doi.org/10.26509/frbc-wp
-202303.
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FOOD OUTLOOK
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©Shutterstcok JUNE 2023
Major policy developments
72
JUNE 2023
FOOD OUTLOOK
MA
DE P RK
VE OL E
L IC T
OP Y
ME
NT
S
GRAINS: MAJOR POLICY DEVELOPMENTS MID-OCTOBER 2022 TO MID-MAY 2023*
COUNTRY PRODUCT DATE POLICY INSTRUMENT DESCRIPTION
Launched the ARS 500 billion (USD 3.2 billion) Argentine Credit Programme (CreAr in Spanish). The programme
Government market
Grains Oct-22 will provide loans to small and medium-sized enterprises (SME) and large industrial and agro-industrial
intervention
companies for investments and import substitution projects.
Following a severe drought that curtailed production prospects, the government extended current wheat
Wheat Nov-22 Export policy export licenses for up to 360 days. The extension applied to shipments originally scheduled to load between 1
December 2022 and 28 February 2023.
Increased the price of maize-based ethanol used in biofuel blends for automobiles from ARS 107.41 (USD 0.68)
Maize Nov-22 Biofuel to ARS 112.84 (USD 0.72) per litre. The price applies retrospectively for purchases made from 1 October 2022
until further announcement.
Increased the export quota for maize harvested during the 2022/2023 season from 10 million to
Maize Nov-22 Export quota
20 million tonnes.
Argentina
Increased the price of maize-based ethanol used in biofuel blends for automobiles from ARS 112.84 (USD 0.86)
Maize Nov-22 Biofuel to ARS 118.48 (USD 0.91) per litre. The price applies retrospectively for purchases made from 3 November 2022
until further announcement.
Announced a series of measures to help farmers affected by severe drought: financial assistance to producers
Grains Jan-23 Production support through the creation of a fund of ARG 5 billion (USD 26 million), suspension of advance income tax payments,
reduction of interest rates and an increase in subsidies.
The Ministry of Agriculture allowed maize exporters to reschedule their exports for up to 180 days. This measure
aims to alleviate pressure on the domestic market and to give local buyers an opportunity to purchase maize
Maize Mar-23 Export policy
without exporters acquiring large quantities during times of limited supply following a fall in production due to
severe drought.
Gave additional time to exporters to reschedule wheat shipments without penalties, allowing for a 360-day
Wheat Apr-23 Export policy
extension.
Reached an agreement with China regarding a dispute over barley trade. China will conduct an expedited
Australia Barley Apr-23 Import policy review of its tariffs on Australian barley imports (more than 80 percent, and in place since 2020), and Australia
will temporarily suspend its challenge against the tariffs through the World Trade Organization dispute process.
Announced a BDT 5 000 crore (USD 492 million) refinancing scheme for the agricultural sector, including cereals.
Government market
Bangladesh Grains Nov-22 The scheme will end on 30 June 2024 and commercial banks will extend loans to the farmers for a maximum
intervention
period of 18 months, with a three-month grace period and a maximum interest rate of 4 percent.
Announced a temporary ban on grain imports from Ukraine, but with transit permitted, to protect domestic
Bulgaria Grains Apr-23 Import policy
producers.
Approved a BRL 120 million (USD 23.3 million) loan to support Cooperativa Agroindustrial Copagril in producing
Maize and wheat Nov-22 Production support
several agricultural products, including wheat and maize.
Brazil
Reintroduced, with immediate effect, the customs duty on ethanol imports, which was abolished in March 2022.
Maize Feb-23 Import duty
The duty is set at 16 percent until 31 December 2023; it will increase to 18 percent in 2024.
JUNE 2023
FOOD OUTLOOK
73
Grains
74
Approved the cultivation and commercialization of a variety of drought-tolerant, genetically modified (GM)
Brazil Maize Mar-23 GMO policy
wheat known as HB4, produced by the biotech firm Bioceres.
Restricted the export of maize starch due to concerns about local supplies. The government has asked companies
JUNE 2023
Maize Oct-22 Export policy
to suspend shipments in order to stabilize prices and contain inflationary risks.
FOOD OUTLOOK
Approved the import of wheat flour from Belarus, subject to cargoes meeting inspection and quarantine
Wheat Nov-22 Trade agreement
requirements, effective from 1 November 2022.
China (mainland)
Maize Jan-23 Import duty Imposed anti-dumping duties against US imports of distillers’ dried grains (DDGS) for a further five years.
Implemented a series of measures to promote and stabilize the production of maize and soybeans, focusing on
Wheat Mar-23 Production support
the four northeastern provinces. The measures include increased subsidies to farmers.
The Ministry of Agriculture and Rural Affairs announced an allocation of CNY 10 billion (USD 14.5 billion) to
Wheat Apr-23 Production support
support grain farmers; this includes support for spring ploughing and production.
Announced that mills producing wheat flour with an extraction rate of 72 percent will be allowed to buy wheat
Government market
Wheat Oct-22 from the state grains buyer for EGP 8 700 (USD 442) per tonne. Pasta factories will be able to buy wheat for EGP
intervention
10 000 (USD 508) per tonne. This policy is set to run for one month, starting on 15 October.
Announced that the Ministry of Supply and Internal Trade will provide high quality wheat flour to licensed
Government market
Wheat Oct-22 private sector mills and bakers at EGP 10 000 (USD 508) per tonne to ensure domestic bread supplies at
intervention
reasonable prices.
Announced that strategic wheat reserves would be offered on the Egyptian Stock Exchange twice per week,
Wheat Nov-22 Stocks policy
starting from 27 November.
Set the wheat procurement price at EGP 1 250 per ardeb (USD 292 per tonne), a 40 percent increase over last
Government
Wheat Jan-23 year’s procurement price and a 25 percent increase over the price announced in August 2022. Wheat subsidies
procurement
for 2023 were set at EGP 95 billion (USD 3.2 billion), a 150 percent increase over last year.
Egypt
Announced that subsidized bread will be sold to people that are not enrolled in the bread subsidy programme
Wheat Jan-23 Subsidy
in order to hamper domestic inflation.
Government market Approved an EGP 150 billion (USD 600 million) scheme for loans aimed to improve the industrial and
Grains Jan-23
intervention agricultural sectors.
Government Announced guaranteed prices for white maize at EGP 9 000 (USD 296) per tonne and yellow maize at EGP 9 500
Maize Feb-23
procurement (USD 312) per tonne.
Increased the domestic wheat procurement price for the upcoming season by 20 percent, from EGP 1 250 per
Government
Wheat Apr-23 150 kg (USD 270 per tonne) to EGP 1 500 per 150 kg (USD 323 per tonne) from January. The policy aims to
procurement
support local farmers and to encourage increased production in order to reduce the import bill.
The European Commission (EC) agreed to extend the suspension of duties and quotas on imports from Ukraine
by one year, despite unilateral import bans implemented by four European Union (EU) countries to protect
Import policy/
domestic farmers who suffered economic losses due to the influx of grains from Ukraine. The transit of grains
European Union Grains Apr-23 government
through the four countries with import bans in place will still be permitted. Furthermore, the EC will provide
intervention
EUR 100 million (USD 110 million) to compensate farmers in five affected countries bordering Ukraine (including
Poland, Slovakia, Hungary, Romania and Bulgaria).
Lifted a temporary restriction on the export of wheat, which was in place to ensure national food security and to
Georgia Wheat Apr-23 Export policy
serve domestic demand.
Hungary Grains Apr-23 Import policy
producers.
Authorized export-oriented units and firms set up in special economic zones to export flour made from imported
Wheat Oct-22 Export policy wheat, in a bid to facilitate exports of value-added products (Notification No. 39/2015-2020). As a result, food
processors are allowed to import duty-free wheat against a commitment to export flour.
Government
Wheat Oct-22 Increased the minimum support price (MSP) of wheat by 5.45 percent to INR 21 250 (USD 1 079) per tonne.
procurement
Extended the suspension of trading in derivative contracts of commodities, including wheat, until 20 December
Wheat Dec-22 Trade policy 2023. The year-long suspension of futures trading in key farm commodities was established last year to tame
food inflation.
Introduced a new integrated food security scheme, which subsumes two current schemes of the Department
Grains Jan-23 Food security of Food and Public Distribution, under which free food grains will be provided to more than 800 million
beneficiaries under the National Food Security Act (NFSA) during 2023.
Announced the release of 3 million tonnes of wheat from inventories through a special open market sale
India Wheat Jan-23 Stocks release
scheme. The measure aims to alleviate high domestic prices.
Government Announced a wheat procurement target of 34.15 million tonnes for the 2023-24 marketing year starting in April;
Wheat Mar-23
procurement this is significantly higher than the 18.79 million tonnes purchased in the previous year.
The Department of Commerce authorized the export of wheat flour, provided it contains at least 80 percent
Wheat Mar-23 Export policy whole wheat flour, and that any other ingredients, such as soya flour or oatmeal are domestically sourced. For
every kilogram of exported whole wheat flour, the import of 1.07 kilograms of wheat will be allowed.
Government Proposed to establish 5 900 wheat procurement centres to buy wheat directly from farmers. Approved an MSP of
Wheat Apr-23
procurement INR 2 125 per quintal and set a target to buy 60 lakh (1 lakh = 100 000) metric tonnes of wheat this fiscal year.
Government Eased quality norms for wheat procurement in some states where crops had been exposed to heavy rains and
Wheat Apr-23
procurement winds, to ensure that farmers were able to receive the MSP.
The Ministry of Agriculture, in collaboration with the cooperative NAFED, established the Millets Experience
Millets Apr-23 Production support
Centre (MEC) to increase awareness about the benefits of millet and to encourage its adoption.
Reduced fertilizer subsidies for farmers from IDR 25.3 trillion (USD 1.67 billion) to 24 trillion (USD 1.59 billion) in
Grains Jan-23 Fertilizer subsidy
2023 in order to tame inflation.
Indonesia Approved genetically modified HB4 wheat for human consumption. The GM grain is drought-tolerant and had
Wheat Mar-23 GMO policy
already been approved in the country for animal feed.
Formulated a road map for the development of sorghum in NTT (East Nusa Tenggara) province as part of food
Sorghum Apr-23 Production support
diversification programme and to improve nutrition.
Increased the price at which the government sells imported wheat to domestic flour mills to reflect higher
Government market import prices over the past six months. Starting 1 April, the Ministry of Agriculture and Farmers’ Welfare’s
Japan Wheat Apr-23
intervention wheat selling price will increase by an average of 5.8 percent, from JPY 72 530 (USD 542) the previous year to an
average JPY 76 750 (USD 574) per tonne.
Announced a six-month ban on the import of wheat by road into the national territory from third countries,
Kazakhstan Wheat Apr-23 Import policy including the countries of the Eurasian Economic Union. The ban aims to support domestic farmers and to
stabilize the price of locally produced wheat.
Maize Dec-22 Import tariff Approved duty-free import permits for 900 000 tonnes of white maize between February and August 2023.
JUNE 2023
FOOD OUTLOOK
Kenya Received 30 000 metric tonnes of wheat from Ukraine to help families affected by drought and famine through
Wheat Mar-23 Food security
the “Grain from Ukraine” humanitarian programme.
75
Grains
76
Announced that the Ministry of Agriculture will finance key state corporations to put 500 000 acres of their idle
Kenya Wheat Apr-23 Production support
land under maize production to ease annual shortages.
Issued a decree that temporarily eliminates import duties on basic food products (including bread, pasta and
cereals). The suspension will be in place from 20 October 2022 until the end of February 2023 and may be
JUNE 2023
Grains Oct-22 Import duty
extended until the end of 2023. It follows the suspension of import duties in May 2022, which was scheduled to
last six months.
FOOD OUTLOOK
Increased the National Programme of Fertilizers for the fiscal year 2023 to MXN 20.7 billion (USD 1.1 billion)
Grains Dec-22 Production support from MXN 7 billion (USD 357.1 million) in the 2022 fiscal year. In addition, the programme’s beneficiary pool was
Mexico expanded.
Announced a temporary 50 percent tax on white maize exports, arguing that the grain must remain in the
Maize Jan-23 Export duty
country to guarantee supply and price stability.
Removed the deadline (previously January 2024) to ban the use of GM maize for feed and industrial purposes.
Maize Feb-23 GMO policy In addition, the government reiterated its plans to prohibit GM maize for human consumption and to revoke
authorizations and permits to import, produce, distribute and use the herbicide glyphosate.
Maize Apr-23 GMO policy Announced that it would ban GM corn for human consumption.
Moldova Grains May-23 Import policy
producers.
Government market Announced a total investment of MAD 4.2 billion (USD 410 million) to strengthen the agricultural sector,
Grains Jan-23
intervention develop food industries, engage young people, regulate market supply and support national markets.
Announced new import subsidy schemes and domestic consumption restrictions to ensure domestic supply
Morocco amid low production. The wheat import tax will be imposed on May 31 rather than the previously-set April 30,
allowing importers more time to secure more wheat. The government has also introduced subsidies of around
Wheat Mar-23 Import tariff
USD 80 per tonne for cargo from the Black Sea and USD 90 per tonne from other origins, including France
and Germany, which will now be paid based on the bill of lading (BL) date instead of when the cargo reaches
Moroccan waters. This aims to facilitate purchases from the Black Sea, where transit takes more time.
Approved a reduction in the value-added tax (VAT) rate from 17 percent to 16 percent, to come into force on
Mozambique Grains Nov-22 Import tariff 1 January 2023. The measure is part of a broad economic acceleration package that aims to support growth, to
curb upward pressure on prices and improve household purchasing power.
Prohibited private sector wheat imports. If required, international purchases would be conducted by the
Wheat Oct-22 Import policy
government.
Approved a PKR 8.3 billion (USD 36 million) cash subsidy for farmers in flood-affected areas. The subsidy takes
Wheat Jan-23 Production support
the place of providing wheat seeds, which was earlier recommended as a support measure for the farmers.
Government
Wheat Feb-23 Fixed the minimum support price for wheat at PKR 3 900 per 40 kg bag (USD 346 per tonne).
Pakistan procurement
The Economic Coordination Committee (ECC) approved a wheat procurement target of 1.80 MMT at the price of
Government
Wheat Mar-23 PKR 3 900 (USD 14.91) per 40 kg for 2022/2023. The previous support price was PKR 2 200 (USD 8.41) per 40 kg
procurement
for 2021/2022.
Government market
Wheat May-23 Provided free wheat flour during the month of Ramadhan to ease the impact of record-breaking inflation.
intervention
Maize Oct-22 Import tariff Increased the import tariff discounts applicable to maize products from USD 106 to USD 120 per tonne.
Peru
Maize Nov-22 Import tariff Decreased the import tariff discounts applicable to maize products from USD 120 to USD 99 per tonne.
Peru Maize Dec-22 Import tariff Increased the import tariff discounts applicable to maize products from USD 99 to USD 123 USD per tonne.
Production support/
Voted a financial envelope of PLN 10 billion (USD 2.4 billion) to support farmers. Also set a minimum price for
Grains Apr-23 government
Poland wheat at PLN 1 400 (USD 342) per tonne and took measures to subsidize fuel and fertilizer prices.
procurement
Poland
Grains Apr-23 Import policy
producers.
Voted a financial envelope of EUR 20.1 million (USD 22.3 million) for farmers due to additional costs –
Government market particularly for storage – generated by imports from Ukraine. The envelope includes part (EUR 10.05 million, or
Romania Grains Apr-23
intervention USD 11.2 million) of the exceptional emergency aid from the European Union granted to farmers in countries
bordering Ukraine.
Decreased export duties on wheat from RUB 3 028 to RUB 2 923.2 (from USD 49.3 to USD 47.6) per tonne, on
Barley, maize and wheat Oct-22 Export duty barley from RUB 2 524.2 to RUB 2 414.3 (from USD 41 to USD 39.3) per tonne and on maize from RUB 1 909.1 to
RUB 1 637.3 (from USD 31 to USD 26.6) per tonne. These export duties came into effect on 2 November.
Increased export duties on wheat from RUB 2 923.2 to RUB 3 012 (from USD 46.9 to USD 48.4) per tonne and on
barley from RUB 2 414.3 to RUB 2 495.6 (from USD 38.8 to USD 40.1) per tonne. Decreased export duty on maize
Barley, maize and wheat Nov-22 Export duty
from RUB 1 637.3 to RUB 1 114.3 (from USD 26.3 to USD 17.9) per tonne. These export duties came into effect on
9 November.
Decreased export duties on wheat from RUB 3 012 to RUB 2 922.1 (from USD 49.8 to USD 48.3) per tonne and
on maize from RUB 1 114.3 to RUB 447.5 (from USD 18.4 to USD 7.4) per tonne. Increased export duty on barley
Barley, maize and wheat Nov-22 Export duty
from RUB 2 495.6 to RUB 2 686.7 (from USD 41.2 to USD 44.4) per tonne. These export duties came into effect on
16 November.
Approved a proposal to set an export quota of 25.5 million tonnes on wheat, meslin, rye, barley and maize for
countries outside the Eurasian Economic Union between 15 February and 30 June 2023. For the same period in
Wheat Nov-22 Export quota
2022, the quota on cereals exports was set at 11 million tonnes, including an 8 million tonne limit on wheat and
meslin exports.
Russian Decreased export duties on wheat from RUB 2 922.1 to RUB 2 735.2 (from USD 48.3 to USD 45.2) per tonne, on
Federation Barley, maize and wheat Nov-22 Export duty maize from RUB 447.5 to RUB 193.8 (from USD 7.4 to USD 3.2) per tonne and on barley from RUB 2 686.7 to RUB
2 430 (from USD 44.4 to USD 40.2) per tonne. These export duties came into effect on 23 November.
Increased export duty on wheat from RUB 2 735.2 to RUB 2 788 (from USD 45 to USD 45.9) per tonne. Decreased
Barley, maize and wheat Nov-22 Export duty export duties on maize from RUB 193.8 (from USD 3.2) to RUB 0 per tonne and on barley from RUB 2 430 to RUB
2 308.6 (from USD 40 to USD 38) per tonne. These export duties came into effect on 30 November.
Allocated RUB 899 million (USD 14.8 million) in financial grants to 22 Russian regions to support agricultural
Grains Nov-22 Production support
producers, including grain farmers. The funding was available until the end of 2022.
Increased export duties on wheat from RUB 2 788 to RUB 2 806.8 (from USD 44.6 to USD 44.9) per tonne and on
Barley, maize and wheat Dec-22 Export duty barley from RUB 2 308.6 to RUB 2 315 (from USD 36.9 to USD 37) per tonne. Announced that the export duty on
maize will stay at RUB 0. These export duties came into effect on 7 December.
Increased export duties on wheat from RUB 2 806.8 to RUB 3 143.4 (from USD 44.9 to USD 50.3) per tonne, on
Barley, maize and wheat Dec-22 Export duty barley from RUB 2 315 to RUB 2 603.1 (from USD 37 to USD 46.6) per tonne and on maize from RUB 0 to RUB
76.2 (from USD 0 to USD 1.2) per tonne. These export duties came into effect on 14 December.
Government market Allocated RUB 5 billion (USD 75 million) to support preferential lending to the agricultural sector to support the
Grains Dec-22
intervention sector’s technological progress, promote production and improve food security in the country.
JUNE 2023
FOOD OUTLOOK
77
Grains
78
Increased export duties on wheat from RUB 3 143.4 to RUB 3 333.8 (from USD 48.5 to USD 51.4) per tonne and
on barley from RUB 2 603.1 to RUB 2 686.9 (from USD 40.16 to USD 41.45) per tonne. Decreased export duty
Barley, maize and wheat Dec-22 Export duty
on maize from RUB 76.2 to RUB 0 (from USD 1.17 to USD 0) per tonne. These export duties came into effect on
21 December.
JUNE 2023
Barley, maize and wheat Dec-22 Export duty barley from RUB 2 686.9 to RUB 3 420.4 (from USD 39.06 to USD 49.72) per tonne and on maize from RUB 0 to
FOOD OUTLOOK
RUB 692.6 (from USD 0 to USD 10) per tonne. These export duties came into effect on 28 December.
Barley, maize and wheat Dec-22 Export duty barley from RUB 3 420.4 to RUB 3 870.6 (from USD 47.18 to USD 53.39) per tonne and on maize from RUB 692.6
to RUB 1 289.4 (from USD 9.55 to USD 17.78) per tonne. These export duties came into effect on 11 January.
Decreased export duties on wheat from RUB 4 766.3 to RUB 4 719.4 (from USD 73.33 to USD 72.61) per tonne
and on maize from RUB 1 174.6 to RUB 1 147.6 (from USD 18.01 to USD 17.65) per tonne. Increased export duty
Barley, maize and wheat Jan-23 Export duty
on barley from RUB 3 870.6 to RUB 3 977.6 (from USD 59.55 to USD 61.19) per tonne. These export duties came
into effect on 18 January.
Decreased export duties on wheat from RUB 4 719.4 to RUB 4 283.2 (from USD 69.15 to USD 62.76) per tonne, on
Barley, maize and wheat Jan-23 Export duty maize from RUB 1 147.6 to RUB 886.5 (from USD 16.82 to USD 13) per tonne and on barley from RUB 3 977.6 to
RUB 3 083.7 (from USD 58.28 to USD 45.18) per tonne. These export duties came into effect on 25 January.
Barley, maize and wheat Jan-23 Export duty maize from RUB 886.5 to RUB 1 186.2 (from USD 12.75 to USD 17.06) per tonne and on barley from RUB 3 083.7
to RUB 3 174.3 (from USD 44.33 to USD 45.64) per tonne. These export duties came into effect on 1 February.
Increased export duties on wheat from RUB 4 365.3 to RUB 4 496.6 (from USD 61.79 to USD 63.65) per tonne,
Russian
on maize from RUB 1 186.2 to RUB 1 505.7 (from USD 16.79 to USD 21.31) per tonne and on barley from RUB
Federation Barley, maize and wheat Feb-23 Export duty
3 174.3 to RUB 3 175.2 (from USD 44.93 to USD 44.95) per tonne. These export duties came into effect on
8 February.
Barley, maize and wheat Feb-23 Export duty maize from RUB 1 505.7 to RUB 1 670 (from USD 20.6 to USD 22.84) per tonne and on barley from RUB 3 175.2 to
RUB 3 209.1 (from USD 43.43 to USD 43.9) per tonne. These export duties came into effect on 15 February.
Increased its grain export quota (wheat and meslin, barley, rye and maize) to 25.5 million tonnes. The new quota
Grains Feb-23 Export quota
is 2.5 times larger than the quota of the previous season and will be in force until 30 June 2023.
Barley, maize and wheat Feb-23 Export duty maize from RUB 1 670 to RUB 2 199.7 (from USD 22.57 to USD 29.73) per tonne and on barley from RUB 3 209.1
to RUB 3 717 (from USD 43.37 to USD 50.23) per tonne. These export duties came into effect on 22 February.
Barley, maize and wheat Feb-23 Export duty maize from RUB 2 199.7 to RUB 2 264.6 (from USD 29.16 to USD 30.02) per tonne and on barley from RUB 3 717
to RUB 3 872.3 (from USD 49.27 to USD 51.33) per tonne. These export duties came into effect on 1 March.
Increased export duties on wheat from RUB 5 275.2 to RUB 5 371.6 (from USD 65.85 to USD 67.05) per tonne
and on maize from RUB 2 264.6 to RUB 2 740 (from USD 28.7 to USD 34.20) per tonne. Decreased export duty on
Barley, maize and wheat Mar-23 Export duty
barley from RUB 3 872.3 to RUB 3 548.8 (from USD 48.34 to USD 44.30) per tonne. These export duties came into
effect on 9 March.
Decreased export duties on wheat from RUB 5 371.6 to RUB 5 344 (from USD 67.05 to USD 66.71) per tonne, on
Barley, maize and wheat Mar-23 Export duty maize from RUB 2 740 to RUB 2 615.3 (from USD 34.20 to USD 32.65) per tonne and on barley from RUB 3 548.8
to RUB 3 016.6 (from USD 44.30 to USD 37.66) per tonne. These export duties came into effect on 15 March.
Decreased export duty on wheat from RUB 5 344 to RUB 5 327.9 (from USD 69.24 to USD 69.03) per tonne.
Increased export duties on maize from RUB 2 615.3 to 2 646.9 (from USD 33.89 to USD 34.3) per tonne and on
effect on 22 March.
Increased export duties on wheat from RUB 5 327.9 to RUB 5 409.6 (from USD 66.39 to USD 67.41) per tonne and
on maize from RUB 2 646.9 to RUB 2 885 (from USD 32.98 to 35.95) per tonne. Decreased export duties on barley
from RUB 3 298.2 to RUB 3 245.3 (from USD 41.10 to USD 40.44) per tonne. These export duties came into effect
on 29 March.
Barley, maize and wheat and on barley from RUB 3 245.3 to RUB 799.4 (from USD 40.44 to USD 9.96) per tonne. Increased export duties
Apr-23 Export duty
on maize from RUB 2 885 to RUB 2 943.6 (from USD 35.95 to USD 36.68) per tonne. These export duties came
into effect on 5 April.
Barley, maize and wheat
Apr-23 Export duty barley from RUB 799.4 to RUB 1 646.7 (from USD 9.96 to 20.52) per tonne and on maize from RUB 2 943.6 to RUB
3 185.7 (from USD 36.68 to USD 39.69) per tonne. These export duties came into effect on 12 April.
Increased export duties on wheat from RUB 5 339.4 to RUB 5 759.5 (from USD 66.53 to USD 71.76) per tonne,
Barley, maize and wheat
Apr-23 Export duty on barley from RUB 1 646.7 to RUB 2 480.7 (from USD 20.52 to USD 30.91) per tonne and on maize from RUB 3
185.7 to RUB 3 729.3 (from USD 39.69 to USD 46.47) per tonne. These export duties came into effect on 19 April.
Russian Grains Published a regulation that would allow grain exporters that have reached their quota to benefit from those of
Apr-23 Export policy
Federation unfilled competitors, up to 45 percent of their own quota.
Barley, maize and wheat and on maize from RUB 3 729.3 to RUB 3 215.8 (from USD 46.47 to USD 40.07) per tonne. Increased export duties
Apr-23 Export duty
on barley from RUB 2 480.7 to RUB 2 496 (from USD 30.91 to USD 31.10) per tonne. These export duties came
into effect on 26 April.
Decreased export duties on wheat from RUB 5 678.9 to RUB 5 573.2 (from USD 70.76 to USD 69.44) per tonne, on
Barley, maize and wheat Apr-23 Export duty maize from RUB 3 215.8 to RUB 3 000 (from USD 40.07 to USD 37.38) per tonne and on barley from RUB 2 496 to
RUB 2 195.4 (from USD 31.10 to USD 27.35) per tonne. These export duties came into effect on 4 May.
and on maize from RUB 3 000 to RUB 2 523.9 (from USD 37.38 to USD 31.45) per tonne. Increased export duty on
Barley, maize and wheat May-23 Export duty
effect on 12 May.
Decreased export duties on wheat from RUB 5 279.2 to RUB 4 727.6 (from USD 65.78 to USD 58.91) per tonne,
Barley, maize and wheat May-23 Export duty on barley from RUB 2 676.2 to RUB 2 117.8 (from USD 33.35 to USD 26.39) per tonne and on maize from RUB 2
523.9 to RUB 2 264.3 (from USD 31.45 to USD 28.21) per tonne. These export duties came into effect on 17 May.
and on barley from RUB 2 117.8 to RUB 1 559.1 (from USD 26.39 to USD 19.43) per tonne. Increased export
Barley, maize and wheat May-23 Export duty
duties on maize from RUB 2 364.3 to RUB 2 565.8 (from USD 29.46 to USD 31.97) per tonne. These export duties
came into effect on 24 May.
Government market Announced the signing of contracts worth SAR 1 540 million (USD 410.7 million) with several national firms for
Grains Nov-22
intervention importing various agricultural products, including cereals. The measure aims at strengthening food security.
Saudi Arabia Completed a new facility that increases total grain storage capacity by 40 percent to ensure food security. The
Wheat and barley May-23 Food security new facility expands storage capacity to 3.5 million tonnes (from 2.6 million tonnes in 2016) and has helped
JUNE 2023
FOOD OUTLOOK
reduce barley imports by more than 50 percent since 2016.
79
Grains
80
Slovakia Grains Apr-23 Import policy
producers.
Government Increased the purchase price of durum wheat from local farmers, due to a severe drought, from 130 dinars (USD
Tunisia Wheat May-23
procurement 42.67) to 140 dinars (USD 45.95) per 100 kg.
JUNE 2023
Reinstated tariffs on cereal imports, which had been abolished during the COVID-19 pandemic. Starting from 1
Türkiye Maize and wheat Apr-23 Import tariff May, a 130 percent import tariff will be placed on grain imports, including wheat and maize. However, duty-free
FOOD OUTLOOK
treatment will be applied on grain imports from Ukraine.
The Black Sea Grain Initiative, facilitating the shipment of agricultural products from three Ukrainian Black Sea
Grains Nov-22 Trade policy
ports, was extended for a further 120 days.
Ukraine Grains Mar-23 Trade policy
ports, was extended for 60 days.
Grains May-23 Export policy
ports, was extended for 60 days.
The US Department of Agriculture’s Risk Management Agency announced it would expand margin protection
United States
Maize Mar-23 Production support plans for soybean and maize farmers in 1 255 and 1 729 counties respectively. Farmers will be able insure their
of America
2024 crops under this programme, as long as they purchase coverage by the end of September 2023.
Maize Jan-23 Stocks release Announced the release of 200 000 tonnes of maize from the Food Reserve Agency to millers across the country.
Announced the allocation of ZMW 55 billion (USD 2.7 million) for the procurement of pesticides to fight army
Maize Jan-23 Production support
worms, which have affected about 124 000 hectares of maize (almost 11 percent of the total crop).
Zambia
Implemented the rollout of the International Maize and Wheat Improvement Center (CIMMYT)’s new
Maize Apr-23 Production support
innovations, which target smallholder farmers and agriculture-based value chain actors in the country
Government market Started a programme to deliver maize closer to millers in Lusaka and the Copperbelt provinces. A total of 375
Maize Apr-23
intervention 000 metric tons has been allocated to millers across the country since January 2023.
Government market Announced amendments to the regulations for maize sales control with some flexibility in line with the
Zimbabwe Maize May-23
intervention agricultural transformation agenda.
* A collection of major grain policy developments starting in July 2010 is available at:
https://www.fao.org/markets-and-trade/commodity-policy-archive/en/?groupANDcommodity=grains
RICE: MAJOR POLICY DEVELOPMENTS MID-OCTOBER 2022 TO MID-MAY 2023*
COUNTRY DATE POLICY INSTRUMENT DESCRIPTION
Announced that imports of rice and pulses would henceforth be exclusively undertaken by the Office
Algeria Feb-23 Import restrictions
Algérien Interprofessionnel des Céréales (OAIC). All other entities would be barred from importing rice.
Included husked, semi/wholly milled and broken rice among the list of commodities covered by the 2023
round of the Export Increase Programme (Programa de Incremento Exportador). As a result, exporters
Argentina Apr-23 Export promotion
of these classes of rice would be eligible to receive the preferential exchange rate of ARS 300 to 1 USD
from 10 April to 31 August 2023.
Azerbaijan Nov-22 Import tariff Exempted rice originating in Pakistan from import tariffs until 31 December 2027.
Decided to purchase 300 000 tonnes of paddy and 500 000 tonnes of parboiled rice from the 2022/23
Government procurement,
Nov-22 Aman harvest. Purchase prices under the procurement drive would be set at BDT 28 and 42 (USD 258 and
purchasing prices
386 per tonne) per kg of paddy and parboiled rice, respectively.
Announced that to assist production during the 2023/24 Boro cycle, it would destine BDT 1.7 billion (USD
15.6 million) to support 2.7 million producers across the country. Under the initiative, 1.5 million farmers
would be provided with two kgs of hybrid seeds. Cultivation of high yielding varieties would also be
Dec-22 Production support
supported through the provision of five kgs of seeds, ten kgs of di-ammonium phosphate and ten kgs of
muriate of potash to producers, with additional steps taken to promote mechanization during planting
and harvest.
Announced that it would destine BDT 572.5 million (USD 5.3 million) to support 1 million smallholders
Bangladesh
Feb-23 Production support cultivating Aus paddy. The funds would furnish farmers with five kgs of seeds, ten kgs of di-ammonium
phosphate and ten kgs of muriate of potash.
Announced that it would purchase 400 000 tonnes of paddy and 1.25 million tonnes of parboiled rice
Government procurement, from the 2023/24 Boro harvest between 7 May and 31 August 2023. Prices under the purchase drive
Apr-23
purchasing prices would be set to BDT 44 per kg of parboiled rice (USD 405 per tonne) and BDT 30 per kg of paddy bought
(USD 276 per tonne).
Decided that import duties and charges on non-fragrant parboiled and white rice would remain at the
Dec-22 Import tariff
reduced rate of 15.25 percent for another three months or until 31 March 2023.
Requested that commercial banks issue letters of credit to importers of rice and wheat at a minimum
Dec-22 Finance and credit facilities
margin to help contain prices of the staples.
Announced the creation of the Société de Développement et d’Agrégation des Productions Agricoles,
a public-private partnership, whose main activities would include collecting agricultural produce
(principally paddy), extending farm advice, facilitating producer access to inputs and equipment, and
Benin Jan-23 Production support access to raw materials by millers, as well as the export of non-locally processed products, among others.
The creation of the entity would come against the backdrop of local paddy production gains that have
stimulated interest in milling. It aims to strengthen the supply chain and promote transparency in the
collection and distribution of paddy.
Announced that the government procurement price for early Indica paddy harvested during the
Government procurement, 2023/24 season would be raised by 1.6 percent to CNY 126 per 50 kg (USD 361 per tonne). Government
China (mainland) Feb-23
support prices procurement prices for late/intermediate Indica and Japonica paddy would instead remain at 2022/23
levels of CNY 129 and 131 per 50 kg (USD 370 and 376 per tonne), respectively.
JUNE 2023
FOOD OUTLOOK
81
Rice
82
Announced that it would leave the ceiling on publicly-procured volumes at 50 million tonnes of paddy
Mar-23 Government procurement during the 2023/24 season, unchanged from 2022/23 and comprising 20 million tonnes of Indica paddy
China (mainland) and 30 million tonnes of Japonica paddy.
Sold 570 555 tonnes of paddy from state reserves, through seven auctions held between 28 March and 9
JUNE 2023
Mar-23 to mid-May- 23 Stock release
May 2023, which offered a total of 6.33 million tonnes for sale.
FOOD OUTLOOK
Reintroduced caps on consumer prices of various foodstuffs. For Abidjan and locales within a
30-kilometre radius, the retail price ceiling for rice was set between XOF 330 and 635 (USD 0.54–1.05)
Cote d’Ivoire Nov-22 Price controls
per kg, depending on the products’ quality and origin. The price caps were to be implemented for
three months.
Reached an agreement with sector representatives regarding the 2023/24 round of the warehouse
receipts programme (Programa Pignoración de Arroz). According to the agreement, the scheme would
be launched on 1 April 2023 and would have producers receive a price of DOP 2 925–3 025 per 120
kg fanega (USD 445–460 per tonne) from participating millers, which would be complemented with
Mar-23 Production support, support prices
a direct outlay of DOP 100 per fanega (USD 15.2 per tonne) extended by the Government. Additional
Dominican Republic decisions concerned limiting rice production to two cropping cycles during the season to aid planning
and prevent pests and diseases, as well as destining DOP 41 million (USD 747 840) to encourage the use
of certified seeds.
Prohibited exports of rice to prevent increases in local rice quotations and to ensure sufficient local
Apr-23 Export ban availabilities. The ban was to be reviewed 20 days after its inception, but mid-May reports suggest that it
was maintained in light of concerns regarding water availability to irrigate the local crop.
Nov-22 Price controls Set a maximum selling price of EGP 18 (USD 0.6) per kg for 3% broken rice, effective 18 November 2022.
Decided that the maximum selling prices of EGP 15 (USD 0.5) per kg for packaged rice, EGP 12 (USD 0.4)
Dec-22 Price controls per kg for rice sold loose and of EGP 18 (USD 0.6) per kg of 3% broken rice, would remain in effect for
an additional three months.
Egypt
Lifted the price ceilings imposed on packaged, loose and 3% broken rice a month ahead of their
Feb-23 Price controls
slated expiry.
Renewed the suspension of upfront cash payment requirements for imports of rice, lentils and fava
Mar-23 Finance and credit facilities
beans until 15 March 2024.
The Court of Justice of the European Union issued a ruling annulling a 2019 regulation that had
imposed safeguard measures on selected classes of semi/wholly milled rice originating in Cambodia and
Myanmar (CN codes 10063027, 10063048, 10063067 and 10063098) and through which import tariffs on
these classes of rice had been reinstated for three years, starting from 19 January 2019. Subsequent to
this ruling, in January 2023, the European Commission re-opened the safeguard investigation that led
Nov-22 Safeguard measures
to the original imposition of the safeguard measures to address issues identified by the Court and to
European Union determine whether in doing so the re-imposition of the safeguard measures would be warranted. If this
was warranted to be the case, the reintroduction of the safeguard tariffs would be retroactive, being
levied on imports of the selected classes of rice from Cambodia and Myanmar that took place between
18 January 2019 and 18 January 2022.
Lowered the import duty on non-basmati husked rice imported outside of existing trade agreements
Mar-23 Import policy
from EUR 65 (USD 70.5) to EUR 30.00 (USD 32.5) per tonne, effective from 7 March 2023.
The Bank of Ghana withdrew foreign exchange support for imports of several commodities classified
as non-essential, including rice, in line with presidential instructions issued in October 2022 calling for a
Ghana Nov-22 Import restrictions
review of the management of the country’s foreign exchange reserves and a reduction in dependence
on imports. The measure was to remain in effect until May 2023, when it would be subject to review.
Announced that it would remove the 30 percent discount rate applied on the benchmark import values
Ghana Nov-22 Customs valuation, import tariffs
of 43 commodities, including rice, as of 1 January 2023.
Set caps on prices of various foodstuff until 30 June 2023 in the Grand-Conakry region. For 25% broken
Guinea Jan-23 Price controls white rice, the retail price ceiling was set at GNF 5 300 (USD 0.58) per kg, at GNF 6 000 (USD 0.66) per kg
for 25% broken aromatic rice and at GNF 6 000 (USD 0.66) per kg for 5% broken parboiled rice.
According to official statements to the press, it planned to import 60 000 tonnes of rice to tame
Guinea-Bissau Nov-22 Import plan
increases in domestic rice prices.
As part of its 2023 budgetary allocations, announced that it would destine GYD 300 (USD 1.4) million
to promote productivity improvements through research and development and to contain paddy bug
Jan-23 Production support
infestations. In addition, it would construct new drying facilities, introduce biofortified varieties and
seek new markets for produce.
Guyana Mediated at an agreement between sector representatives that would have millers pay rice farmers
a minimum of GYD 4 000 per bag (USD 279 per tonne) of paddy harvested during the first cropping
Production support, export promotion,
Mar-23 cycle of 2023/24. To facilitate the implementation of this agreement, millers and exporters would have
tax policy
their payment of the sales commission for rice, paddy and their by-products waived for the first crop
of 2023/24.
Announced that it would provide 813.5 million people covered by the National Food Security Act (NFSA)
with rice, wheat and coarse grains free of cost for one year. The supplies would be provided in the
form of 5 kg per person rations to beneficiaries that fall under the Priority Households category and in
Dec-22 Food subsidies
the form of 35 kg per household rations for Antyodaya Anna Yojana (AAY) beneficiaries. The scheme
would be implemented from 1 January to 31 December 2023 at an estimated cost of INR 2 trillion (USD
24 billion).
Renewed the suspension of trading in derivative contracts for paddy (non-basmati) and other
Dec-22 Futures trade
agricultural commodities until 20 December 2023.
Decided that, under the Open Market Sales Scheme (OMSS) to be implemented during calendar 2023,
the reserve price for rice would remain set at INR 20 000 (USD 243) per tonne for private entities
sourcing supplies for ethanol production. For all other private entities, the reserve price under e-auction
Jan-23 Stock release, biofuels would be INR 24 000 (USD 292) per tonne. A surcharge of INR 730 (USD 9) per tonne would be applicable
on top of the reserve price if supplies sourced consisted of fortified rice. Moreover, states would be
permitted to source supplies (including fortified rice) from the Food Corporation of India for their
India
schemes without participating in e-auctions, at a price of INR 34 000 (USD 413) per tonne.
Exempted up to 600 000 tonnes of paddy exported to Nepal through customs stations located at Raxaul,
Jogbani or Sonauli from the 20 percent export duty. In addition, it decided that it would not levy the
20 percent export duty on shipments of husked and semi/wholly milled rice (other than parboiled and
basmati rice) that, prior to the 9 September 2022 effecting of the export duty, had entered customs
stations and had received official clearance or were backed by irrevocable letters of credit (with message
Oct-22 Export quota, export taxes exchange between Indian and foreign banks dated prior to 9 September and with authentication from
recipient banks). It also stipulated that exports of organic non-basmati rice (whether in paddy, husked or
semi/wholly milled form) would be exempt from the export duty, provided that they were accompanied
by a Provisional Transaction Certificate/Transaction Certificate issued by a Certification Body accredited
by National Accreditation Body (NAB) for Organic Products under the National Programme for Organic
Production of the Department of Commerce. The measures took effect on 1 November 2022.
Amended the 8 September 2022 order that imposed an export ban on broken rice, allowing broken rice
JUNE 2023
FOOD OUTLOOK
Nov-22 Export ban that had been handed over to container freight stations (CFSs) before 8 September to be exported until
30 November 2022.
83
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84
Exempted organic non-basmati broken rice from the export ban on brokens implemented on 9
Nov-22 Export ban
September 2022.
According to press reports, exempted close to 360 000 tonnes from the export ban on broken rice. Of
India
Mar-23 Export ban this volume, 250 000 tonnes would be destined to Senegal, 100 000 tonnes to Gambia and 9 990 tonnes
JUNE 2023
to Ethiopia.
FOOD OUTLOOK
Apr-23 Export taxes Exempted shipments of paddy seed from the 20 percent export duty, effective 11 April 2023.
Instructed the state-owned enterprise, Bulog, to implement the Rice Supply and Price Stabilization at the
Consumer-Level Programme (Stabilisasi Pasokan dan Harga Pangan - SPHP - Beras di Tingkat Konsumen)
Market operations, Stock release, throughout the country, from 4 January to 31 December 2023. With the aim of stabilizing domestic
Jan-23
consumption prices supplies and prices of rice through the use of government stockpiles, the scheme would see at least
1.2 million tonnes of rice distributed at warehouse sales prices ranging from INR 8 300 to 8 900 (USD
0.58-0.62) per kg depending on the various regions.
Announced that it would provide 21.353 million households with monthly rations consisting of 10 kgs of
Mar-23 Food subsidies
rice for three months, starting from March 2023, to help them cope with inflationary pressure.
Set maximum retail prices (MRPs) for medium quality rice at IDR 10 900-11 800 (USD 0.76-0.83) per kg,
depending on the various regions. Price ceilings ranging from IDR 13 900 to 14 800 (USD 0.97–1.04) per
Mar-23 Price controls
kg were also set for premium rice qualities, while MRPs were not applied to specialty rice. The MRPs
became effective on 31 March 2023.
Indicated that it was allowing the state-owned enterprise, Bulog, some flexibility as far as government
Indonesia
purchase prices for rice until the end of November 2022, in order to allow it to step-up domestic
Government procurement,
Oct-22 procurement and refurbish public stockpiles to a desired level of 1.2–1.5 million tonnes by the close of
purchasing prices
2022. For example, Bulog was said to pay IDR 8 800 per kg (USD 616 per tonne) for milled rice purchased
at its warehouses, instead of the official price of IDR 8 300 per kg (USD 581 per tonne) set in March 2020.
Raised government purchase prices for wet paddy to IDR 5 000–5 100 per kg (USD 350–357 per tonne),
Government procurement, up 19.0–20.0 percent from levels set in March 2020. For dry paddy, the government purchase prices
Mar-23
purchasing prices were raised by 18.1–18.9 percent to IDR 6 200–6 300 (USD 434–441 per tonne) and for milled rice by
19.9 percent to IDR 9 950 per kg (USD 696.5 per tonne).
Authorized the state-owned enterprise Bulog to import 500 000 tonnes of rice in order to replenish
Dec-22 Import quota
public reserves.
Gave Bulog permission to import up to 2.0 million tonnes of rice in 2023 to meet public distribution
Mar-23 Import quota and market intervention needs. Of this, 500 000 tonnes would be brought into the country as soon
as possible.
Restored the 9 percent valued-added tax (VAT) rate imposed on various imported foodstuffs, including
Iran (Islamic Republic of) Mar-23 Import policy, value added taxes
rice, up from the lower, 1 percent rate, applied since January 2022.
Announced that it would promote the conversion of paddies into upland fields and increased the use
of rice flour as a substitute for imported wheat flour. The moves would be part of its Food Security
Reinforcement Policy Framework, a strategy geared at boosting local production and reducing reliance
on imports of various agricultural products and basic inputs. To this end, it would increase payments
Japan Dec-22 Crop diversification, production support
for converting paddies into upland fields. With the aim of expanding the area planted to rice for rice
flour production by 188 percent by 2030, compared to 2021 levels, it would also provide outlays to
rice flour producers and farmers producing rice for flour production to help cover costs related to the
developments of appropriate seeds, products, machinery and facilities.
Authorized the importation of 600 000 tonnes of rice free of import duties. Volumes imported under
Kenya Dec-22 Import quota the quota were to consist of Grade 1 milled rice and were to be brought into the country between 1
February and 6 August 2023.
Granted traders an import duty waiver for 500 000 tonnes of Grade 1 milled rice, to be brought into the
Kenya Mar-23 Import quota country by 6 August 2023. The aim of the waiver would be to provide an alternate source of starch in
the country, in view of impending maize supply constraints.
Increased the price of a 25 kg bag of rice from USD 14 to USD 17.5 (or the Liberian dollar equivalent) at
Dec-22 Consumer prices, value added taxes the retail level and from USD 13.5 to USD 17 (or the Liberian dollar equivalent) at the wholesale level,
effective 3 December 2022.
Liberia
Jan-23 Import tariff Renewed the import tariff suspension on semi/wholly milled and broken rice, with immediate effect.
Renewed the import tariff suspension on various agricultural inputs, including paddy for sowing, with
Jan-23 Import tariff
immediate effect.
Raised prices offered under the Guaranteed Prices for Basic Foodstuffs Programme (Programa precios de
garantía a productos alimentarios básicos) by 8.4 percent. Accordingly, for the 2021/22 autumn-winter
Nov-22 Production support, support prices
cycle, guaranteed prices were set at MXN 7 913 (USD 449) per tonne for smallholders cultivating up to
eight hectares, while for other rice producers they were set at MXN 7 328 (USD 416 per tonne).
Extended the validity of administrative import facilities and import tariff exemptions approved in
Mexico October 2022 for a host of products, including paddy, in an effort to reduce their prices. It also included
semi/wholly milled long-grain rice among the commodities enjoying duty-free treatment. The extension
Jan-23 Import tariff, import requirements is to be valid until 31 December 2023. However, for entities in possession of a Single Universal License
and having proof of having entered into a purchase contract, the import facilities could be valid until 30
April 2024, provided that their contracts are submitted to the Tax Administration Service no later than
10 January 2024.
Announced that the floor price for monsoon and summer paddy, with 14 percent moisture content,
Myanmar Nov-22 Support prices harvested during the 2022/23 season would be raised 17 percent above the level set for 2021/22 to MMK
630 000 per 100 baskets (USD 142 per tonne).
Presented the second phase of the National Rice Development Strategy (NRDS II), aiming to have the
country reach full self-sufficiency in rice and produce an exportable surplus by 2030. The strategy sets
out a paddy production target of 34 million tonnes by 2030, envisaging to increase rainfed lowland
areas with supplementary irrigation from 450 000 hectares in 2020 to 1.2 million hectares by 2030,
doubling irrigated areas with full water control to 1.5 million hectares, while gradually reducing rainfed
upland areas. It also targets to raise average yields to 4 tonnes per hectare in rainfed upland areas,
Production support, self-
Nigeria Dec-22 to 6 tonnes per hectare in rainfed lowlands, and to 7.5 tonnes per hectare in irrigated areas. Actions
sufficiency strategy
envisaged to this end would include the introduction of eight high-yielding climate-smart rice varieties,
the development of two hybrid varieties, improvements in the quality of inputs used by farmers,
increased use of certified seeds, training, the establishment of demonstration farms for good agricultural
practices and increasing the number of extension agents. Among other measures, mechanization and
improved milling efficiency would also be promoted and clustering of farmers and millers encouraged to
improve their access to markets and financial services.
Approved an import quota of 90 720 tonnes of paddy, liable to a 3 percent import tariff and to be
Panama Feb-23 Import quota
brought into the country by 15 June 2023.
Authorized a one-time assistance package consisting of 25 kgs of rice to be distributed to government
employees and workers. The aim of the initiative would be to help mitigate socioeconomic challenges
Philippines Dec-22 Food subsidies
that government employees and workers may be facing, to increase domestic production and to
assist farmers.
JUNE 2023
FOOD OUTLOOK
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Decided that the uniform Most Favoured Nation (MFN) tariff rate of 35 percent for paddy, husked, semi/
wholly milled or broken rice imported from non-ASEAN members, under Minimum Access Volumes
Philippines Dec-22 Import quota, import tariff quotas or outside of them, would continue to be applied for an additional year, or until 31 December
2023. From 1 January 2024, the in-quota MFN rate for these imports would revert to the previous level
JUNE 2023
of 40 percent, while the out-of-quota MFN rate would revert to 50 percent.
Announced that it targeted to convert 16 000 hectares of paddies to cultivation of soybeans, floury
FOOD OUTLOOK
rice and forages during the 2023/24 season through the Strategic Crop Direct Payment Plan. To that
end, it would offer KRW 1–4.3 million (USD 740–3 182) per hectare to farmers cultivating these crops
on paddies, among other incentives. The initiative aims to stabilize the supply and demand of rice to
keep producer prices above KRW 200 000 per 80 kg (USD 1 850 per tonne) and would come in addition
Republic of Korea Apr-23 Crop diversification, production support
to 21 000 other hectares of paddies targeted for conversion under other schemes during 2023/24. By
2027/28, its aim would be to reduce the country’s total area under paddy to 618 000 hectares, down
109 000 hectares from the extension of 2022/23. Additional steps to this end would include supporting
the development of high-quality rice and the creation of new demand for rice and rice-based products,
including of floury rice and for exports.
Extended the ban on exports of paddy, husked, semi/wholly milled rice, broken rice, groats and rice
Russian Federation Dec-22 Export ban
meal, except for those destined to member states of the Eurasian Economic Union, until 30 June 2023.
In line with announced efforts to aid consumers cope with increases in the price of basic goods and
services, set the ceiling on retail prices of non-aromatic broken rice originating in India and Pakistan
Nov-22 Price controls
for the Dakar region at XOF 325 (USD 0.54) per kg. Price caps for other Senegalese regions would be
determined based on differentials defined by the Conseil Régional de la Consommation.
Decided to set aside XOF 100 billion (USD 165 million) to support agricultural activities during the
Senegal 2023/24 agricultural campaign, up 43 percent from funds allocated for 2022/23. The support package
would comprise XOF 60.0 billion (USD 99 million) for the provision of seeds of various crops and XOF 40
billion (USD 66 million) for fertilizers. Subsequently announced plans in preparation for the agricultural
Apr-23 Production support
campaign also indicated that, among other measures, steps would be taken to protect rice crops
from grain-eating birds in the Senegal River valley and to intensify rice production in the Senegal and
Anambé river valleys through the Société d’Aménagement et d’Exploitation des Terres du Delta du
Fleuve Sénégal (SAED) and the Société de Développement Agricole et Industrielle (SODAGRI).
Approved a plan that would provide low-income households with a 10 kg monthly ration of rice for two
months, free of charge. The scheme, which would draw on supplies purchased under the 2023/24 Maha
Jan-23 Food subsidies procurement drive, was launched in late March 2023. Although it originally aimed to distribute the
rations to two million low-income households, its coverage was subsequently expanded to 2.9 million
households.
Issued instructions detailing its domestic procurement plan for the 2023/24 Maha harvest. The purchase
drive would be conducted through District Secretaries, with purchased volumes consisting solely of Nadu
paddy. Prices under the scheme would be set at LKR 100 per kg (USD 317 per tonne) for supplies with a
Sri Lanka Production support, government
Feb-23 maximum moisture content of 14 percent and a maximum spoil paddy content of 9 percent, or at LKR
procurement
88 per kg (USD 279 per tonne) should their moisture content exceed 14 percent, with a maximum spoil
paddy content of 22 percent. Volumes bought from individual farmers would range from 2–5 tonnes
depending on the extension of land they cultivate.
Decided to revise the Social Security Contribution Levy Act No 25 of 2022 in order to exempt paddy
purchases and the production and sale of rice from the social security levy imposed by that Act. The
Feb-23 Production support, tax policy
measure seeks to have paddy producers receive a higher price for their product by lowering costs
incurred further along the supply chain.
Approved a plan under which farmers cultivating paddy during the 2023/24 Yala cycle would receive an
Apr-23 Production support, input subsidies
outlay of LKR 20 000 per hectare (USD 63), on up to two hectares, to cover fertilizer costs.
Included non-basmati rice, whether parboiled or white, on the list of goods requiring an Import Control
License (ICL), stipulating that imports of these rice qualities would be liable to an import control license
Sri Lanka fee equivalent to 0.1 percent of their cost, insurance and freight (CIF) value. Moreover, the issuance of
ICLs for imports of these rice qualities would be temporarily suspended until further notice. It would
Dec-22 Import restrictions
only permit customs clearance for shipments of these rice qualities if their import had been on the basis
of Letter of Credits or Advance Payments issued on or before 9 December 2022, or if they had been
shipped with the date of bill of lading/airway bill on or before 09 December 2022 and were set to arrive
on or before 23 December 2022.
As part of a broader agricultural support package for farmers cultivating crops during the 2023/24
season, approved the extension of a TRY 2710 (USD 138) per hectare assistance to rice producers to
help them cover fuel and fertilizer costs, up 257 percent from the assistance provided in 2022/23. As in
Oct-22 Production support
Türkiye previous years, additional assistance would come in the form of a variable outlay of TKY 250-350 (USD
12.7-17.8) per tonne for the use of certified seeds and a production premium payment of TKY 100 (USD
5.1) per tonne, to be extended on the condition that good agricultural practices are followed.
Dec-22 Import tariff Suspended import tariffs on all classes of rice until 31 August 2023.
United Republic Announced that in order to contain domestic rice prices, it would issue import permits for
Feb-23 Import quota
of Tanzania 90 000 tonnes of rice.
Approved a budget of USD 250 million to implement the Rice Production Program (RPP), a scheme
providing a one-time payment to rice farmers that faced high production costs during the 2022/23
season. Eligible farmers under the scheme were defined as those to have short, medium, and long grain
rice (including temperate japonica and sweet rice) reported as planted or prevented from being planted
during the 2022/23 season. For these producers, a payment would be calculated by the Farm Service
United States of America Dec-22 Production support Agency by multiplying a payment rate of USD 0.01–0.02 per pound (USD 0.02–0.04 per kg) by their
individual Actual Production History (APH) yield (or area/country level yield) and the amount of certified
rice acres, determined by the number of planted acres and acres that were prevented from being
planted. Maximum payments under the scheme would be set at USD 125 000–250 000, depending on
whether the share of average gross income the producer accrues from farming activities is above, equal
to or below 75 percent.
* The full collection starting in January 2011 is available at:

https://www.fao.org/markets-and-trade/commodity-policy-archive/en/?groupANDcommodity=rice
JUNE 2023
FOOD OUTLOOK
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MEAT: MAJOR POLICY DEVELOPMENTS MID-OCTOBER 2022 TO MID-MAY 2023*
JUNE 2023
Announced the resumption of bovine meat exports to Mexico after a more than 20-year ban, which allowed 22
Bovine meat Jan-23 Export ban lifted Argentine meat plants to export. The ban was imposed in 2001 following an outbreak of foot-and-mouth disease
FOOD OUTLOOK
(FMD) in Argentina.
Announced an agreement with suppliers and supermarkets to stabilize beef prices. The initial phase included price
Argentina
Bovine meat Feb-23 Price control reductions on seven popular beef cuts, effective from 17 February to 31 March. A smaller price cut of 3.2 percent is
in place from 1 April to 30 June.
Resumed poultry meat exports after a suspension was imposed in late February due to the detection of a case of
Poultry meat Mar-23 Export ban lifted
bird flu in a poultry industry in southern Rio Negro province.
Announced the entry into force of the Australia–United Kingdom of Great Britain and Northern Ireland (the United
Kingdom) trade agreement, which was signed on 17 December 2021. Under the agreement, Australian bovine
Australia All May-23 Trade agreement and ovine meat exports will enter the United Kingdom under a new tariff-rate quota (TRQ) regime, which will
gradually be increased over a ten-year transition period. Exports within the TRQ will enter free of tariffs. There will
be no TRQ after Year 10, but a volume safeguard provision will be applicable until the end of Year 15.
Announced the removal of an import ban on two poultry plants and one bovine meat plant imposed by China. In
All Jan-23 Market access
addition, Indonesia cleared 11 Brazilian bovine meat plants to export into the country.
Announced the resumption of bovine meat exports to China and the approval of an additional four bovine meat
Brazil plants cleared to export to China on 23 March 2023. Sales of Brazilian bovine meat to China were voluntarily halted
Bovine meat Mar-23 Export ban lifted by Brazilian authorities on 23 February 2023, following the discovery of an atypical case of mad cow disease. In
addition, Brazil announced the end of a similar ban on bovine meat exports from the Brazilian state of Para, which
was imposed in late February by the Russian Federation and the Philippines.
Live animals Apr-23 Export ban Banned live cattle exports from all of the country’s ports over animal welfare concerns.
Suspended exports of poultry products after confirming a case of highly pathogenic avian influenza (HPAI) on a
Chile Poultry meat Mar-23 Export ban
commercial poultry farm.
Suspended bovine meat imports from three US establishments after detecting ractopamine, a chemical substance
Bovine meat Nov-22 Import ban
that is banned in China, in some consignments.
Published announcement No. 131 of 2022, changing COVID-19 controls and management and ending the
China (mainland) All Dec-22 Import policy
requirement for testing and disinfection measures; this is expected to reduce clearance time and costs of exports.
Lifted a ban on bovine meat imports from Ireland, which was imposed after detecting an atypical BSE case
Bovine meat Jan-23 Import ban lifted
in May 2020.
Colombia Poultry meat Oct-22 Import tariff Increased import duties, from 125 to 156 percent, applicable to poultry meat to stabilize poultry meat prices.
Reached a deal with Chile aiming to deepen their existing trade agreement. Under the deal, the European Union
will provide additional market access in the form of duty-free quotas to Chile, including an additional import quota
All Dec-22 Trade agreement for 9 000 tonnes of poultry meat with provisions to increase the quota by another 9 000 tonnes after three years.
It will also add duty-free quotas for 2 000 tonnes of bovine meat, 4 000 tonnes of sheep meat and 9 000 tonnes of
pig meat for import into the European Union.
European Union
Implemented the new Common Agricultural Policy (CAP) 2023-27, which includes, among many others, provisions
All Jan-23 Government support
to support smallholder farms in the livestock sector.
Poultry meat Mar-23 Market access Authorized the Republic of Moldova to export processed poultry meat to EU Member States.
Extended the suspension of duties and quotas on imports from Ukraine by one year, while Hungary and Poland
All Apr-23 Import tariff
banned importing certain meat products from Ukraine until 30 June 2023.
European Union Approved an allocation of EUR 1.47 billion (USD 1.61 billion), under EU state aid rules, to Dutch schemes to
compensate livestock farmers in a bid to reduce nitrogen pollution in the overburdened Natura 2000 areas,
All May-23 Government support as defined in the national legislation. The measure, which will be effective until 27 February 2028, aims to
improve environmental conditions and promote sustainable and environmentally- friendly production in the
livestock sector.
Ghana Pig meat Jan-23 Market access Granted access to its market for pig meat imports from the United States of America.
Resumed meat imports from Canada, with the ending of a ban imposed in December 2013 on Canadian meat,
Guatemala All Apr-23 Import ban lifted
which was imposed due to new requirements to inspect Canadian facilities.
Implemented the Livestock Health and Disease Control Programme across the country, aiming to reduce risks to
All Dec-22 Animal welfare regulations animal health with prophylactic vaccinations against animal diseases; capacity building of veterinary services;
India disease surveillance and strengthening veterinary infrastructure.
Issued a notification proposing draft guidelines to streamline the halal certification process for exporting meat and
All Jan-23 Export requirements
meat products.
Indonesia Bovine meat Feb-23 Import quota Increased its year-long import quota for Brazilian bovine meat from 20 000 to 100 000 tonnes for 2023.
Iran (Islamic Republic of) Poultry meat Nov-22 Market access Allowed imports of poultry meat from the Russian Federation.
Granted full market access to Canadian bovine meat by removing the ban imposed in 2003 after the detection of a
Japan Bovine meat Mar-23 Import ban lifted
case of BSE disease in Canada.
Lao People’s Announced the suspension of pig meat imports from Thailand and Vietnam due to outbreaks of African Swine
Pig meat Mar-23 Import ban
Democratic Republic Fever (ASF) in the two countries.
Pig meat Nov-22 Market access Granted market access to pig meat imports from Ireland.
Malaysia
Poultry meat Feb-23 Price control Announced the lifting of price controls on poultry meat starting in June 2023.
Agreed to open its market to Brazilian pig meat imports originating from swine that were born, raised and
Pig meat Nov-22 Market access
slaughtered in the region of Santa Catarina.
Mexico
Granted approval to import bovine meat from Brazil. In January 2023, the same measure was adopted to allow
Bovine meat Mar-23 Market access
bovine meat imports from Argentina.
Adopted a decree cancelling the value-added tax (VAT) on agricultural inputs to help lower prices of fresh produce
Morocco All Apr-23 Government support
and other agrifoods, including meat.
Banned poultry meat imports from Chile. On 24 February 2023, the same measure was adopted to ban poultry
Namibia Poultry meat Mar-23 Import ban
meat imports from Argentina.
Implemented a ban on live animal exports, which was first announced in 2021, with a transition period of two
New Zealand Live animals Apr-23 Export ban
years for farmers.
JUNE 2023
FOOD OUTLOOK
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Extended the reduced tariff rates on pig meat through 2023, with a dual tariff structure whereby a tariff rate of
Pig meat Dec-22 Import tariffs extended
15 percent is applicable for the quota amount and 25 percent for out-of-quota.
Imposed a ban on poultry meat imports from eight countries (Czech Republic, Denmark, Ecuador, Ireland, Peru,
Poultry meat Jan-23 Import ban
JUNE 2023
Poland, Republic of Moldova and Taiwan Province of China) due to HPAI outbreaks.
Pig meat Jan-23 Import ban lifted Lifted the ban on cured pig meat imports from Italy, which was imposed in August 2022 due to an ASF outbreak.
FOOD OUTLOOK
Philippines
Issued a temporary ban on the import of poultry products from Türkiye following reported HPAI outbreaks. A
All Feb-23 Import ban similar ban was imposed on poultry meat imports from Belgium on 8 February 2023, while cattle-related products
from the Kingdom of the Netherlands have been suspended due to the detection of mad cow disease.
Poultry meat Apr-23 Import ban Banned poultry meat from Chile after detecting an HPAI outbreak there.
Announced temporary suspension of VAT on 46 food products, effective until 31 October 2023, to offset
Portugal All Apr-23 Government support
inflationary pressures. The measure includes the removal of VAT on meat products.
Republic of Korea Pig meat Dec-22 Import ban lifted Lifted a ban on processed pig meat (bacon, ham and sausages) imports from the United Kingdom.
Allocated RUB 900 million (USD 14.9 million) as partial compensation to farmers in 22 regions for production costs,
All Nov-22 Government support
the sale of agricultural products and insurance.
Russian Federation
Allocated RUB 1.3 billion (USD 16.7 million) for the Rostov Region, aiming to increase meat production and
All Mar-23 Government support
modernize dairy farms.
Allocated TRY 13.8 billion (USD 731.2 million) to support farmers affected by earthquakes, including those in the
All Feb-23 Government Support
livestock sector.
Türkiye
Announced the lifting of restrictions on certain agricultural products, including red meat, which were imposed in
All Mar-23 Export ban lifted
January 2022 to help reduce rising food prices.
United Kingdom of Announced the conclusion of accession to the Comprehensive and Progressive Agreement for Trans-Pacific
Great Britain and All Mar-23 Trade agreement Partnership (CPTPP), which includes, among many other provisions, TRQs for bovine meat exports from six partner
Northern Ireland countries.
Announced the extension of the agricultural and livestock emergency until April, granting producers access to
All Jan-23 Government support
subsidies from the Agricultural Emergency Fund.
Uruguay
Poultry meat Jan-23 Import ban Imposed an import ban on Brazilian poultry meat to protect domestic production.
* A collection of major meat policy developments starting in January 2011 is available at:
https://www.fao.org/markets-and-trade/commodity-policy-archive/en/?groupANDcommodity=Meat
DAIRY: MAJOR POLICY DEVELOPMENTS MID-OCTOBER 2022 TO MID-MAY 2023*
Agreed to provide CAD 1.7 billion (USD 1.3 billion) for dairy farmers, egg farmers and
processors to compensate for the impacts of the market access commitments under the
Dairy products Nov-22 Government support United States of America–Canada–Mexico Agreement (USMCA) covering the supply-managed
sectors. The dairy sector was allocated the highest compensation of CAD 1.2 billion (USD 903
Canada million), spread over six years under the Dairy Direct Payment Program.
Announced an increase in the support price for butter production as of 1 February 2023,
Butter Feb-23 Government support from CAD 10.0206 per kg to CAD 10.2180 per kg (from USD 7.52 per kg to USD 7.67 per kg) in
a bid to offset increasing production costs.
China (mainland) Dairy products Apr-23 Import policy Approved the import of French dairy products for animal feed use.
Concluded negotiations on the EU–Chile Advanced Framework Agreement, which aims to

deepen cooperation and foster trade and investment opportunities. The agreement will add
Dairy products Dec-22 Trade agreement
162 tariff lines, mainly for agricultural products (including cheese and other dairy products),
for liberalization after a maximum staging period of seven years.
Implemented the new Common Agricultural Policy (CAP) 2023-27, which includes, among
Dairy products Jan-23 Government support
many others, provisions to support smallholder farms in the livestock sector.
Approved an allocation of EUR 1.47 billion (USD 1.61 billion), under European Union (EU)
European Union state aid rules, to Dutch schemes that compensate livestock farmers in a bid to reduce
nitrogen pollution in the overburdened Natura 2000 areas, as defined in national legislation.
Dairy products May-23 Government intervention
The measure will be effective until 27 February 2028. They aim to improve environmental
conditions and to promote sustainable and environmentally-friendly production in the
livestock sector.
Amended the implementing regulation EU 2020/761 on the rules governing the tariff-
rate quota (TRQ) for export of milk powder to the Dominican Republic. This will allow the
Dairy products May-23 Trade agreement
Dominican Republic to import an unlimited quantity of milk powder from the European
Union at zero tariff rate.
Announced TRQ for butter and non-fat dried milk of 8 000 tonnes and 750 tonnes,
Dairy products Jan-23 Tariff quota
respectively, for Japanese fiscal year 2023 (1 April 2023 to 31 March 2024).
Announced TRQ volumes for dairy products during the Japanese Fiscal Year (1 April 2023
to 31 March 2024). For cheese, the new TRQ volumes were decreased to 52 000 tonnes,
Japan Dairy products Apr-23 Tariff quota
declining by 3 500 tonnes. For the rest of the dairy products, TRQ volumes remained
unchanged.
Launched an emergency programme to enhance farm management and decrease milk
JUNE 2023
FOOD OUTLOOK
Dairy products Apr-23 Government support production surplus by fostering early slaughtering for less-productive dairy cows and
providing farmers with an incentive of a maximum YEN 200 000 (USD 1 518) per cow culled.
91
Dairy
92
Announced plans to increase milk and milk products exports by 1.5 times by 2026. The plan
Kyrgyzstan Dairy products May-23 Government support envisages developing a balanced feed programme, increasing investments, enhancing farm
quality, limiting the use of antibiotics and raising the productivity of dairy farms.
JUNE 2023
Lebanon Dairy products Jan-23 Import policy Lifted subsidies on infant formulas.
Announced a temporary suspension of import duties on milk powder and butter, effective
FOOD OUTLOOK
Dairy products Nov-22 Import policy
until 31 October 2023, in a bid to contain price increases.
Morocco
Adopted a decree cancelling the value-added tax (VAT) on agricultural inputs to help lower
Dairy products Apr-23 Government support
prices of fresh produce and other agrifoods.
Decided to end live animal exports by sea in a bid to strengthen laws governing animal
New Zealand Dairy products Apr-23 Export ban
protection and welfare and assure future economic security.
Approved the reference prices and additional variable duties for the import of selected
Peru Whole milk powder May-23 Import tariff agricultural products, including whole milk powder. The reference price for whole milk
powder is set at USD 3 482 per tonne and additional variable duty at USD 350.
Introduced an import ban for agrifood products coming from Ukraine, including milk
Poland Dairy products Apr-23 Import ban and milk products, to offset economic hurdles faced by local farmers. The measure will be
effective until 30 June 2023.
Announced the temporary suspension of VAT on 46 food products to offset inflationary
Portugal Dairy products Apr-23 Government support pressures, effective until 31 October 2023. The measure includes the removal of 6 percent
VAT on milk and milk products.
Allocated RUB 900 million (USD 14.9 million) to support farmers in 22 regions as partial
Dairy products Nov-22 Government support
compensation for production costs, the sale of agricultural products and insurance
Agreed to provide subsidies in Moscow Region to reimburse part of production costs for
Dairy products Mar-23 Government support supporting milk production. The compensation varies from RUB 6 (USD 0.08) to RUB 24 (USD
0.31) per kg of milk, depending on the milk productivity reported in the financial year.
Allocated RUB 1.3 billion (USD 16.7 million) for Rostov Region, aiming to increase meat
Russian Federation Dairy products Mar-23 Government support
production and modernize dairy farms.
Announced the suspension of all dairy product deliveries from Armenia until further notice
Dairy products Apr-23 Import ban due to unsatisfactory results of the inspection of Armenian firms in respect to the use of third
country supplies as raw materials.
Suspended dairy product imports from Kyrgyzstan on the basis of ”inefficiency” in dairy
Dairy products Apr-23 Import ban
product quality.
Announced the introduction of an import tax of RSD 15 (USD 0.14) per litre of milk and RSD
Serbia Dairy products Feb-23 Import tariff 30 (USD 0.27) per kg of cheese, aiming to stabilize the market and stop the decline in milk
purchase prices.
Dairy products Dec-22 Foreign assistance Agreed with the Indian Government to receive technical support to develop milk production.
Sri Lanka
Announced import duty exemptions for food products, including sweetened condensed milk,
Dairy products Apr-23 Import tariff
butter, dairy spreads and other dairy products.
Announced the suspension of import duty on milk powders and butter in 2023 to secure
Tunisia Dairy products Dec-22 Import tariff
necessary supplies for local consumption.
Entered into force the Raw Milk Support and Regulation of the Milk Market, which includes,
among others, support payments for milk production over 2023-2024.
Türkiye
Allocated TRY 13.8 billion (USD 731.2 million) to support farmers affected by earthquakes.
Dairy products Feb-23 Government support
TRY 33.4 million (USD 1.77 million) of this is allocated to support milk production.
Concluded negotiations on joining the Comprehensive and Progressive Agreement for Trans-
Pacific Partnership (CPTPP), a free trade agreement (FTA) including 11 members: Australia,
Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
United Kingdom of Great Britain and The agreement will secure improved access to Canada, Chile and Mexico for UK dairy
Dairy products Mar-23 Trade agreement
Northern Ireland exporters through TRQs. An additional quota of 16 500 tonnes of shared tariff-free access to
cheese will be secured for Canada. The tariff for dairy products, including cheese, butter and
cream, will be liberated for Chile. For Mexico, an additional 16 500 tonnes of shared tariff-
free access to cheese will be secured.
Announced plans to purchase diverse food products, including dairy meat and
poultry, to support activities to feed children and families. The funds allocated will
Dairy products Nov-23 Government support
support nearly USD 1 billion to purchase food items for emergency food providers
such as food banks.
United States of America
Announced additional assistance of nearly USD 100 million for dairy producers as part of
the Pandemic Market Volatility Assistance Program (PMVAP) and Organic Dairy Marketing
Assistance Program (ODMAP) to compensate for the impacts of disruptions to supply chains,
COVID-19 and drought hurdles.
Announced the extension of the agricultural and livestock emergency until April, granting
Uruguay Dairy products Jan-23 Government support
producers access to subsidies from the Agricultural Emergency Fund.
Announced the launching of several support programmes to increase milk productivity and
milk output by investing in silages, mechanization, irrigation development and modern
Zimbabwe Dairy products Nov-22 Government support
technologies. The programmes also aim to support small-scale dairy farmers by providing
access to credit to invest in the milk production value chain.
* A collection of major dairy policy developments, starting in January 2012, is available at:
https://www.fao.org/markets-and-trade/commodity-policy-archive/en/?groupANDcommodity=Milk%20and%20dairy%20products
JUNE 2023
FOOD OUTLOOK
93
Dairy
Statistical appendix tables
Statistical appendix
Appendix Table 1 (A & B): Cereal statistics 98−99
Appendix Table 2 (A & B): Wheat statistics 100−101
Appendix Table 3 (A & B): Coarse grains statistics 102−103
Appendix Table 4 (A & B): Maize statistics 104−105
Appendix Table 5 (A & B): Barley statistics 106−107
Appendix Table 6 (A & B): Sorghum statistics 108−109
Appendix Table 7 (A & B): Other Coarse grains statistics 108−109
Appendix Table 8 (A & B): Rice statistics 110−111
Appendix Table 9: Cereal supply and utilization in main exporting countries 112
Appendix Table 10: Total oilcrops statistics 113
Appendix Table 11: Total oils and fats statistics 114
Appendix Table 12: Total meals and cakes statistics 115
Appendix Table 13: Sugar statistics 116
Appendix Table 14: Total meat statistics 117
Appendix Table 15: Bovine meat statistics 118
Appendix Table 16: Ovine meat statistics 119
Appendix Table 17: Pigmeat statistics 120
Appendix Table 18: Poultry meat statistics 121
Appendix Table 19: Milk and milk products statistics 122
Appendix Table 20: Fish and fishery products statistics 123
Appendix Table 21: Selected international prices for wheat and coarse grains 124
Appendix Table 22: Wheat and maize futures prices 124
Appendix Table 23: Selected international prices for rice and price indices 125
Appendix Table 24: Selected international prices for oilcrop products and price indices 126
Appendix Table 25: Selected international prices for sugar and sugar price index 127
Appendix Table 26: Selected international prices for milk products and dairy price indices 128
Appendix Table 27: Selected international meat prices 129
Appendix Table 28: Selected international meat prices and FAO meat price index 130
Appendix Table 29: Fish price indices 131
Appendix Table 30: Selected international commodity prices 132
FOOD OUTLOOK
96 JUNE 2023
NOTES
Stocks
GENERAL the Autonomous Republic of Crimea,
the city of Sevastopol and certain • Cereals: Data refer to carry-overs at
• FAO estimates and forecasts are areas of the Donetsk and Luhansk the close of national crop seasons
based on official and unofficial regions. The information is presented ending in the year shown.
sources. without prejudice to relevant UN
• Unless otherwise stated - all charts General Assembly and UN Security Price indices
and tables refer to FAO data as Council resolutions, including UN • The FAO price indices are calculated
source. General Assembly resolution 68/262 using the Laspeyres formula; the
weights used are based on the
• Estimates of world imports and of 27 March 2014 and UN Security
average export value of each
exports may not always match Council resolution 2202 (2015) of 17
commodity for the 2014-2016
- mainly because shipments and February 2015, which reaffirm the
period.
deliveries do not necessarily occur in territorial integrity of Ukraine.
the same marketing year. • ‘-‘ means nil or negligible.
• Tonnes refer to metric tonnes. • Cereals include wheat - rice and COUNTRY CLASSIFICATION
• All totals are computed from coarse grains. Coarse grains include
unrounded data. maize - barley - sorghum - millet In the presentation of statistical
• Regional totals may include estimates - rye - oats and NES (not elsewhere material, references are made to
for countries not listed. The countries specified). special country groupings: Low-
shown in the tables were chosen Income Food-Deficit Countries (LIFDCs)
based on their importance of either Production - Least Developed Countries (LDCs).
production or trade in each region. • Cereals: Data refer to the calendar The LIFDCs include 51 countries that
The totals shown for Central America year in which the whole harvest or are net importers of basic foodstuffs
include countries in the Caribbean. bulk of harvest takes place. with per caput income below the
• Estimates for China also include level used by the World Bank to
those for the Taiwan Province of Utilization determine eligibility for International
China - Hong Kong SAR and Macao • Cereals: Data are on individual Development Aid (IDA) assistance (i.e.
SAR - unless otherwise stated. country’s marketing year basis. USD 1 945 in 2011). The LDCs group
• Up to 2019/20 the European currently includes 47 countries with
Union includes 28 member states. Trade low income as well as weak human
From 2020/21 the European Union • Trade between European Union resources and low level of economic
includes 27 member states. member states is excluded - unless diversification. The list is reviewed
• Information provided by the Russian otherwise stated. every three years by the Economic and
Federation includes statistical data • Wheat: Trade data include wheat Social Council of the United Nations.
for the Autonomous Republic of flour in wheat grain equivalent. The
Crimea and the city of Sevastopol, time reference period is July/June - DISCLAIMER
Ukraine, temporarily occupied by the unless otherwise stated.
Russian Federation and is presented • Coarse grains: The time reference The designations employed and
without prejudice to relevant UN period is July/June - unless otherwise the presentation of material in this
General Assembly and UN Security stated. publication do not imply the expression
Council resolutions, including UN • Rice, dairy meat and fish products: of any opinion whatsoever on the part of
General Assembly resolution 68/262 The time reference period is January/ the Food and Agriculture Organization of
of 27 March 2014 and UN Security December. the United Nations concerning the legal
Council resolution 2202 (2015) of 17 • Oilseeds, oils/fats and meals: The status of any country - territory - city or
February 2015, which reaffirm the time reference period is October/ area or of its authorities - or concerning
territorial integrity of Ukraine. September - unless otherwise stated. the delimitation of its frontiers or
• Information provided by Ukraine boundaries.
excludes statistical data concerning
FOOD OUTLOOK
JUNE 2023
97
APPENDIX TABLE 1(A): CEREAL STATISTICS
APPENDIX TABLE 1(A): CEREAL STATISTICS
Production Imports Exports

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
average average average
estim. f'cast estim. f'cast estim. f'cast
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 1 225.0 1 250.6 1 259.6 253.0 249.3 252.7 70.4 74.5 75.8
Bangladesh 42.4 44.2 45.0 10.0 7.8 8.2 0.2 0.3 0.3
China 556.5 569.4 574.8 56.2 53.9 54.0 2.8 2.9 2.8
India 281.4 290.5 292.5 0.3 0.2 0.2 27.0 25.9 27.0
Indonesia 57.5 58.1 58.6 12.2 12.8 12.8 0.1 0.2 0.2
Iran (Islamic Republic of) 19.3 19.3 18.8 17.5 17.6 17.7 0.1 0.1 0.1
Iraq 6.8 3.2 4.2 4.3 5.7 6.2 - - -
Japan 8.7 8.5 8.5 23.1 22.6 23.1 0.3 0.3 0.3
Kazakhstan 17.5 21.3 19.1 1.3 1.0 1.0 8.7 10.2 10.3
Myanmar 18.7 18.0 18.8 0.5 0.4 0.4 3.6 4.4 4.3
Pakistan 43.5 43.7 46.0 2.1 2.7 2.5 4.6 4.0 4.8
Philippines 20.9 21.2 21.3 10.0 10.4 10.9 0.1 0.1 0.1
Republic of Korea 3.9 4.0 3.9 16.3 16.6 17.0 0.1 0.1 0.1
Saudi Arabia 0.7 1.0 0.8 14.6 14.2 13.2 - - -
Thailand 25.4 28.1 28.4 5.6 4.2 5.2 6.6 8.4 9.1
Türkiye 34.1 38.1 34.1 14.6 15.8 15.5 4.9 5.8 5.0
Viet Nam 32.8 31.9 31.8 16.7 15.8 16.0 7.2 7.7 7.1
AFRICA 197.0 197.7 197.5 97.1 92.9 98.5 6.9 6.6 6.1
Algeria 4.3 4.1 3.6 12.8 12.8 13.5 - - -
Egypt 20.7 21.9 21.7 22.7 19.6 21.3 0.3 0.1 0.1
Ethiopia 28.7 27.5 27.4 2.0 2.0 2.4 1.3 1.2 1.1
Morocco 6.3 3.3 5.0 8.5 8.8 8.8 0.1 0.1 0.1
Nigeria 26.3 26.8 26.9 8.3 8.1 8.9 - - -
South Africa 17.6 18.8 19.1 2.8 2.5 2.7 2.7 3.4 3.1
Sudan 6.7 7.5 6.0 2.4 2.4 2.7 0.1 0.2 0.1
CENTRAL AMERICA & THE
CARIBBEAN 42.6 42.3 42.2 37.2 36.6 37.9 1.7 1.5 1.4
Mexico 36.3 36.0 36.1 24.0 23.4 24.4 1.5 1.3 1.3
SOUTH AMERICA 229.6 246.0 246.0 33.9 32.8 33.0 96.3 100.7 105.4
Argentina 86.9 80.7 68.6 0.1 0.1 0.1 56.3 39.1 45.6
Brazil 114.2 135.7 148.3 10.2 9.2 9.2 34.3 53.0 53.9
Chile 2.9 2.6 2.7 4.1 4.0 4.0 0.0 - 0.1
Colombia 3.4 3.3 3.5 8.6 8.9 9.0 - - -
Peru 4.3 4.4 4.3 6.2 5.9 6.1 0.1 0.1 0.1
Venezuela (Bolivarian Republic of) 1.2 1.6 1.6 2.5 2.3 2.4 - - -
NORTHERN AMERICA 490.6 473.3 516.1 10.2 10.2 10.6 121.2 103.6 111.4
Canada 58.1 64.5 62.4 4.2 3.1 2.9 27.9 30.4 30.8
United States of America 432.5 408.8 453.7 6.0 7.1 7.7 93.2 73.2 80.6
EUROPE 538.6 517.2 507.6 32.5 47.7 36.7 145.2 145.1 141.4
European Union 301.9 269.2 288.4 24.7 39.5 27.9 45.1 42.2 47.3
Russian Federation 121.4 146.4 125.1 0.6 0.6 0.6 43.9 54.3 53.4
Ukraine 75.0 54.6 45.7 0.2 0.1 0.1 49.9 43.2 35.8
OCEANIA 45.0 59.4 44.1 2.4 2.1 2.3 26.1 39.7 30.0
Australia 43.9 58.4 43.0 0.6 0.2 0.3 26.1 39.7 30.0
WORLD 2 768.3 2 786.5 2 813.1 466.3 471.6 471.6 467.7 471.6 471.6
LIFDC 189.1 188.6 189.4 61.6 59.3 62.0 4.2 3.4 3.3
LDC 189.7 190.3 191.4 44.6 42.0 44.5 9.5 10.0 9.9
FOOD OUTLOOK
98 JUNE 2023
APPENDIX TABLE 1(B): CEREAL STATISTICS
APPENDIX TABLE 1(B): CEREAL STATISTICS
Total Utilization Stocks ending in Per caput food use

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . .(.) . . . . . . . . . . Kg/year . . . . . . . . . . . )
ASIA 1 396.0 1 423.6 1 431.8 576.0 582.8 587.0 156.6 157.3 157.2
Bangladesh 52.1 53.1 53.3 8.6 8.1 7.7 218.4 219.8 219.9
China 607.2 616.5 623.3 391.5 400.7 402.6 155.6 156.2 156.4
India 252.3 264.0 262.4 66.7 64.0 67.7 146.0 147.2 146.3
Indonesia 71.0 70.1 70.7 8.5 6.7 7.3 173.7 171.5 172.0
Iraq 10.2 10.6 11.0 2.7 1.9 1.6 185.9 191.9 191.7
Japan 31.5 30.7 31.6 7.0 7.1 6.9 91.9 90.5 89.8
Kazakhstan 10.0 10.1 10.1 4.3 6.0 5.7 156.6 156.7 156.6
Myanmar 15.3 15.1 15.0 4.1 3.3 3.1 201.7 202.3 203.9
Pakistan 40.2 43.4 44.2 4.2 5.1 4.9 136.5 137.1 137.3
Philippines 30.8 32.4 32.5 4.6 4.3 4.0 165.4 168.9 169.0
Saudi Arabia 15.3 14.0 13.7 4.7 5.8 6.1 131.0 131.6 131.4
Thailand 23.3 23.3 24.5 10.5 11.8 12.0 118.6 122.1 123.1
Türkiye 42.9 45.6 44.8 9.9 11.5 11.3 242.0 243.2 243.8
Viet Nam 41.7 40.9 39.9 5.5 6.0 6.2 172.1 168.1 166.1
AFRICA 287.2 288.5 290.7 59.5 55.1 54.9 149.7 149.1 148.0
Algeria 17.6 16.6 16.8 6.0 5.3 5.6 228.9 229.2 229.1
Egypt 43.3 42.2 42.5 4.8 3.4 3.8 258.7 255.4 254.7
Ethiopia 29.1 29.2 29.6 7.2 5.9 5.1 187.1 188.7 187.6
Morocco 15.3 13.1 13.3 5.0 4.6 5.0 240.9 241.0 241.4
Nigeria 34.4 35.1 35.0 2.1 1.2 1.3 128.7 128.5 125.1
South Africa 17.3 17.7 18.7 3.8 4.9 4.7 163.5 162.4 161.9
Sudan 9.4 10.0 9.3 3.5 3.3 3.1 174.6 172.8 173.2
CARIBBEAN 78.2 78.9 79.2 9.8 8.3 7.7 161.7 161.4 161.0
Mexico 58.7 59.6 59.4 7.4 6.3 6.1 198.9 200.0 199.0
SOUTH AMERICA 169.7 177.3 181.7 35.6 25.8 23.4 113.5 113.3 112.8
Argentina 32.2 33.3 30.9 10.6 9.8 6.7 121.7 121.4 119.2
Brazil 90.9 97.0 103.1 16.0 9.3 10.7 110.2 108.9 108.2
Chile 7.0 6.6 6.7 0.6 0.5 0.5 144.4 142.2 142.1
Colombia 11.8 12.4 12.6 1.3 1.4 1.1 100.4 100.7 100.8
Peru 10.5 10.4 10.4 1.0 0.9 0.8 148.3 147.6 146.5
Venezuela (Bolivarian Republic of) 3.6 4.0 3.9 0.6 0.7 0.7 96.7 105.8 108.6
Canada 34.5 33.5 33.7 8.9 9.2 9.4 96.0 96.7 96.5
EUROPE 416.3 407.8 407.5 82.0 113.0 108.2 131.9 132.2 132.5
European Union 279.2 264.9 266.3 40.2 44.6 47.2 135.6 137.8 138.0
Ukraine 20.1 18.0 17.6 11.6 16.7 9.2 143.5 145.7 147.8
OCEANIA 19.8 19.6 19.6 5.5 8.2 6.9 94.3 94.1 94.0
Australia 17.0 16.6 16.6 4.8 7.5 6.3 103.8 104.2 104.2
WORLD 2 757.8 2 777.6 2 803.8 843.0 858.2 873.0 148.2 148.6 148.3
LIFDC 245.1 250.4 251.6 57.8 52.5 50.6 151.8 151.5 150.8
LDC 223.9 228.1 229.4 49.2 44.9 42.7 155.1 154.9 154.4
FOOD OUTLOOK
JUNE 2023
99
APPENDIX TABLE 2(A): WHEAT STATISTICS
APPENDIX TABLE 2(A): WHEAT STATISTICS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 340.1 345.4 346.7 101.8 107.2 101.0 19.3 18.7 18.2
Bangladesh 1.0 1.2 1.2 6.7 5.0 5.7 - - -
China 135.0 137.7 138.5 10.9 13.4 8.9 0.3 0.2 0.5
China (mainland) 134.9 137.7 138.5 9.1 11.5 7.0 0.2 0.2 0.5
Taiwan Province of China - - - 1.3 1.4 1.4 - - -
India 107.0 107.7 110.0 - - - 4.9 1.7 1.5
Indonesia - - - 10.7 10.0 10.5 0.1 0.1 0.1
Iran (Islamic Republic of) 12.9 13.0 13.0 4.2 5.0 4.0 - - -
Iraq 4.9 2.8 3.0 2.2 3.2 3.4 - - -
Japan 1.0 1.0 1.0 5.3 5.5 5.3 0.2 0.2 0.2
Kazakhstan 12.5 16.4 14.1 1.2 0.9 0.9 7.6 9.5 9.5
Pakistan 25.7 26.4 26.8 1.9 2.5 2.3 0.1 0.3 0.3
Philippines - - - 6.3 6.0 6.0 0.0 0.1 0.1
Republic of Korea - - - 4.1 5.2 5.0 0.0 - -
Saudi Arabia 0.4 0.6 0.5 3.3 4.4 3.7 - - -
Thailand - - - 3.1 3.0 3.0 - - -
Türkiye 19.0 19.8 18.8 9.9 11.0 10.0 4.4 5.0 4.4
AFRICA 27.0 25.7 25.8 51.9 52.0 54.8 0.9 0.6 0.5
Algeria 3.1 3.0 2.5 7.6 8.3 9.0 - - -
Egypt 8.9 9.7 9.7 12.1 11.2 12.0 0.3 0.1 0.1
Ethiopia 5.4 5.2 5.2 1.3 1.5 1.7 - - -
Morocco 4.7 2.5 3.7 5.0 6.5 6.5 0.0 - -
Nigeria 0.1 0.1 0.1 6.0 5.5 6.1 - - -
South Africa 2.0 2.2 2.0 1.7 1.5 1.6 0.1 0.1 0.1
Tunisia 1.2 1.3 1.0 2.0 2.1 2.1 - - -
CARIBBEAN 3.2 3.6 3.1 9.3 8.9 8.9 1.0 0.9 0.9
Cuba - - - 0.7 0.6 0.5 - - -
Mexico 3.2 3.6 3.1 5.2 5.0 5.0 0.8 0.8 0.8
SOUTH AMERICA 29.8 27.3 31.9 14.7 13.7 13.9 15.9 10.0 15.6
Argentina 19.8 12.6 18.5 - - - 13.6 5.5 11.5
Brazil 6.4 10.6 9.6 6.6 5.6 5.8 1.5 3.5 3.0
Chile 1.2 1.1 1.2 1.3 1.3 1.3 - - -
Colombia - - - 2.0 2.1 2.0 - - -
Peru 0.2 0.2 0.2 2.1 2.0 2.1 - - -
Venezuela (Bolivarian Republic of) - - - 0.8 1.0 1.0 - - -
Canada 30.2 33.8 34.3 0.3 0.1 0.1 21.8 23.5 24.5
EUROPE 263.4 280.6 261.1 8.0 14.0 10.2 87.4 95.8 92.9
European Union 140.1 134.1 138.8 4.4 10.5 6.3 31.7 32.5 35.5
Ukraine 28.5 20.2 17.0 0.0 - - 18.9 14.8 10.0
United Kingdom of Great Britain
and Northern Ireland 11.9 15.5 14.4 1.5 1.2 1.5 0.2 1.2 1.1
OCEANIA 28.0 39.6 28.6 1.3 1.1 1.1 18.6 29.0 21.0
Australia 27.5 39.2 28.2 0.3 - 0.1 18.6 29.0 21.0
WORLD 770.8 800.9 776.7 189.2 199.6 193.7 189.7 199.6 193.7
LIFDC 24.2 22.3 23.2 35.6 33.6 35.1 0.8 0.6 0.5
LDC 14.5 13.4 13.7 25.0 23.3 24.7 0.2 0.2 0.1
FOOD OUTLOOK
100 JUNE 2023
APPENDIX TABLE 2(B): WHEAT STATISTICS
APPENDIX TABLE 2(B): WHEAT STATISTICS

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
ASIA 412.5 426.4 425.2 206.1 210.8 214.5 66.3 67.0 67.1
Bangladesh 7.9 7.0 7.1 2.0 0.6 0.4 33.3 33.0 33.0
China 138.9 144.1 143.4 130.8 141.3 144.8 65.5 66.4 66.6
China (mainland) 137.1 142.2 141.5 130.3 140.8 144.3 65.9 66.8 67.0
Taiwan Province of China 1.3 1.4 1.4 0.4 0.4 0.4 45.6 45.6 45.6
India 101.8 107.9 105.9 25.7 18.5 21.0 59.8 60.3 60.2
Indonesia 10.6 10.0 10.0 1.5 1.0 1.0 28.1 28.5 28.6
Iraq 6.6 6.7 6.8 1.5 1.0 0.6 144.5 143.8 142.8
Japan 6.2 6.1 6.1 1.2 0.9 1.0 40.4 41.1 41.0
Kazakhstan 6.2 6.3 6.4 3.5 4.7 3.8 141.1 141.3 141.3
Pakistan 27.0 28.6 29.4 2.4 3.8 3.1 111.6 111.4 111.6
Philippines 6.2 6.4 6.3 1.6 1.5 1.1 27.5 28.3 28.3
Saudi Arabia 3.7 3.9 3.9 2.3 3.5 3.8 95.1 96.1 95.8
Thailand 3.2 3.0 3.0 1.5 1.2 1.2 15.9 16.7 16.9
Türkiye 24.0 24.4 24.5 6.6 7.2 7.1 213.7 215.0 215.6
AFRICA 78.9 79.7 80.5 16.8 13.3 13.5 50.9 50.3 49.9
Algeria 11.0 11.2 11.3 4.0 3.6 3.8 210.8 211.6 211.6
Egypt 21.1 21.2 21.6 2.3 1.6 1.6 179.7 179.8 179.7
Ethiopia 6.7 6.8 7.0 0.8 0.4 0.4 47.5 47.4 47.4
Morocco 10.2 9.8 10.0 3.4 3.1 3.3 208.5 209.0 209.3
Nigeria 5.6 5.7 5.8 0.8 0.4 0.3 25.3 25.4 25.5
South Africa 3.5 3.6 3.5 0.5 0.6 0.6 56.5 56.1 55.6
Tunisia 3.1 3.2 3.0 0.5 0.6 0.6 205.3 206.4 206.3
CARIBBEAN 11.3 11.4 11.4 1.7 2.0 1.7 44.8 44.5 44.5
Cuba 0.7 0.6 0.5 - - - 54.0 49.1 48.7
Mexico 7.5 7.6 7.5 1.2 1.5 1.3 52.0 52.2 52.2
SOUTH AMERICA 28.9 29.3 29.6 6.3 5.5 6.0 56.4 56.4 56.3
Argentina 6.4 6.3 6.5 2.3 1.0 1.5 103.5 103.9 104.0
Brazil 12.0 12.2 12.0 1.5 1.6 2.0 53.5 52.7 52.7
Chile 2.5 2.4 2.4 0.4 0.3 0.3 107.5 106.4 106.3
Colombia 1.9 2.1 2.1 0.4 0.4 0.3 32.6 32.9 32.9
Peru 2.3 2.3 2.3 0.2 0.2 0.2 59.3 58.3 57.8
Canada 9.2 8.9 9.1 5.1 4.3 5.2 80.6 80.6 80.5
EUROPE 180.0 184.0 184.2 30.3 54.1 48.2 105.2 105.2 105.3
European Union 110.7 109.9 110.2 13.8 19.0 18.4 109.1 110.6 110.7
Ukraine 8.3 7.4 7.1 3.1 4.4 4.3 111.9 111.6 111.6
OCEANIA 9.9 10.1 10.1 2.3 4.5 4.3 67.0 66.0 65.7
Australia 8.5 8.6 8.6 1.8 4.1 4.0 82.8 82.1 82.1
WORLD 760.8 779.7 780.3 291.9 310.7 308.5 66.9 67.1 67.0
LIFDC 58.7 59.0 59.8 16.4 12.2 11.1 39.2 38.8 38.7
LDC 39.5 39.4 39.8 9.8 6.6 5.8 31.4 31.2 31.0
FOOD OUTLOOK
JUNE 2023
101
APPENDIX TABLE 3(A): COARSE GRAIN STATISTICS
APPENDIX TABLE 3(A): COARSE GRAIN STATISTICS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 421.4 438.5 441.5 127.6 116.5 125.4 7.6 8.9 8.4
China 275.5 287.7 291.7 40.1 35.0 40.3 0.1 0.1 0.1
China (mainland) 275.3 287.5 291.5 35.4 30.5 35.7 0.1 0.1 0.1
Taiwan Province of China 0.2 0.2 0.2 4.6 4.4 4.6 - - -
India 50.1 51.9 51.5 0.3 0.2 0.2 2.8 3.8 3.6
Indonesia 22.6 23.0 23.2 1.0 1.0 1.0 - 0.1 0.1
Japan 0.3 0.2 0.2 17.2 16.4 17.1 - - -
Malaysia 0.1 0.1 0.1 3.7 3.7 3.7 - - -
Pakistan 9.5 10.4 10.5 0.2 0.2 0.2 0.3 0.4 0.3
Philippines 8.1 8.3 8.4 0.6 0.9 0.8 - - -
Republic of Korea 0.2 0.2 0.2 11.7 11.0 11.6 - - -
Saudi Arabia 0.3 0.3 0.3 9.9 8.5 8.2 - - -
Thailand 4.8 5.4 5.4 2.3 1.0 2.0 0.0 - -
Türkiye 14.4 17.7 14.8 4.6 4.5 5.3 0.5 0.8 0.6
Viet Nam 4.6 4.2 4.0 11.4 10.3 10.5 0.4 0.2 0.2
AFRICA 145.1 147.4 145.8 27.6 23.2 24.5 5.3 5.8 5.1
Algeria 1.2 1.1 1.1 5.1 4.3 4.4 - - -
Egypt 7.7 8.5 8.1 10.1 8.0 9.0 - - -
Ethiopia 23.2 22.1 22.1 - - - 1.3 1.2 1.1
Morocco 1.6 0.8 1.3 3.4 2.2 2.2 - - -
Nigeria 21.3 21.6 21.4 0.1 - - - - -
South Africa 15.6 16.6 17.1 0.2 0.1 0.1 2.6 3.3 3.0
Sudan 6.0 7.0 5.5 0.3 0.3 0.4 0.1 0.2 0.1
United Republic of Tanzania 7.4 7.0 7.0 - - - 0.3 0.2 -
CARIBBEAN 37.6 37.0 37.5 25.5 25.2 26.1 0.6 0.5 0.5
Mexico 32.9 32.2 32.9 18.1 17.6 18.6 0.6 0.5 0.5
SOUTH AMERICA 183.0 202.3 198.0 17.4 17.2 17.1 76.7 87.1 86.0
Argentina 66.3 67.2 49.4 0.1 0.1 0.1 42.3 33.3 33.7
Brazil 100.3 117.8 132.0 2.7 2.7 2.5 31.8 48.5 50.0
Chile 1.6 1.4 1.5 2.7 2.5 2.5 0.0 - 0.1
Colombia 1.4 1.5 1.6 6.5 6.6 6.8 - - -
Peru 1.8 1.9 1.8 3.8 3.7 3.8 - - -
Canada 27.9 30.6 28.1 3.5 2.6 2.3 6.1 6.9 6.3
EUROPE 272.7 234.7 244.5 21.2 30.3 22.6 57.2 48.7 48.0
European Union 160.1 133.9 148.4 18.2 26.8 19.1 12.9 9.3 11.4
Serbia 7.8 5.1 7.3 0.1 0.1 0.1 2.9 1.1 1.1
Ukraine 46.5 34.4 28.7 0.1 0.1 0.1 31.0 28.4 25.8
OCEANIA 16.9 19.3 15.1 0.3 0.2 0.3 7.4 10.4 8.8
Australia 16.3 18.7 14.5 - - - 7.4 10.4 8.8
WORLD 1 481.7 1 468.8 1 513.0 225.7 218.4 221.4 226.7 218.4 221.4
LIFDC 105.6 106.1 104.7 9.2 9.8 9.8 2.7 2.5 2.2
LDC 95.0 96.8 95.4 6.1 6.4 6.4 4.8 5.0 4.6
FOOD OUTLOOK
102 JUNE 2020
APPENDIX TABLE 3(B): COARSE GRAIN STATISTICS
APPENDIX TABLE 3(B): COARSE GRAIN STATISTICS

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
ASIA 543.8 550.6 560.9 188.1 187.6 184.6 14.5 14.3 14.4
China 318.2 324.0 333.0 157.5 159.4 157.1 13.4 13.5 13.5
China (mainland) 313.4 319.1 328.1 157.0 158.9 156.5 13.6 13.6 13.7
India 48.1 48.5 49.0 3.3 2.7 2.2 17.9 17.2 17.2
Indonesia 23.9 24.2 24.1 1.6 1.2 1.3 27.3 27.5 27.6
Japan 17.3 16.7 17.6 2.5 2.9 2.6 3.5 3.5 3.6
Malaysia 3.8 3.8 3.8 0.2 0.2 0.2 5.5 6.2 6.1
Pakistan 9.3 10.6 10.6 1.1 1.2 1.0 11.3 11.8 11.7
Philippines 8.8 9.2 9.3 0.9 0.7 0.6 18.9 19.8 19.8
Saudi Arabia 10.4 8.9 8.5 2.0 1.8 1.8 2.7 2.6 2.6
Thailand 7.1 6.3 7.4 0.8 0.7 0.7 2.6 2.6 2.6
Türkiye 18.1 20.5 19.5 3.3 4.2 4.2 19.4 19.2 19.1
Viet Nam 15.7 14.3 14.2 0.8 0.6 0.6 8.7 9.3 9.5
AFRICA 167.3 166.2 166.3 36.5 36.1 35.4 72.6 72.8 71.7
Algeria 6.5 5.3 5.4 2.0 1.7 1.8 14.7 14.3 14.0
Egypt 17.8 16.9 16.8 1.7 1.3 1.6 42.3 41.4 40.8
Ethiopia 21.6 21.6 21.8 6.2 5.4 4.6 134.3 135.5 134.3
Morocco 5.0 3.2 3.3 1.6 1.4 1.6 30.1 29.6 29.6
Nigeria 21.5 21.8 21.4 0.7 0.4 0.4 73.6 73.2 69.6
South Africa 12.9 13.2 14.2 3.1 4.2 4.1 91.7 91.1 91.1
Sudan 6.4 6.9 6.2 2.6 2.7 2.5 108.5 108.3 108.7
United Republic of Tanzania 7.4 7.2 7.2 0.8 0.3 0.1 90.7 91.4 91.2
CARIBBEAN 62.7 63.3 63.5 7.4 5.8 5.4 98.6 99.1 98.4
Mexico 50.3 51.0 51.0 6.1 4.7 4.7 139.7 140.8 139.7
SOUTH AMERICA 125.8 132.9 137.3 26.8 18.2 15.6 25.8 26.0 26.0
Argentina 25.2 26.5 24.1 8.2 8.8 5.2 7.3 7.2 7.2
Brazil 71.7 77.7 84.2 14.1 7.1 8.4 25.7 25.5 25.4
Chile 4.2 3.9 4.0 0.2 0.1 0.1 24.7 24.4 24.4
Colombia 7.8 8.2 8.4 0.3 0.5 0.3 30.7 30.7 30.7
Peru 5.8 5.6 5.6 0.3 0.3 0.3 21.8 22.0 21.4
Canada 24.8 24.1 24.2 3.8 4.8 4.1 4.5 4.4 4.4
EUROPE 231.2 218.9 218.2 51.0 58.3 59.3 20.9 21.3 21.4
European Union 164.9 151.9 152.9 26.0 25.2 28.4 20.3 21.2 21.2
Serbia 4.8 4.8 4.8 1.2 0.9 2.4 21.8 22.1 22.2
Ukraine 11.7 10.5 10.4 8.5 12.2 4.8 28.9 32.0 34.0
OCEANIA 9.0 8.5 8.5 3.0 3.4 2.4 7.8 7.6 7.5
Australia 8.1 7.7 7.6 2.8 3.2 2.2 9.7 9.6 9.5
WORLD 1 485.8 1 478.2 1 503.3 357.8 352.6 366.2 28.3 28.6 28.5
LIFDC 112.0 114.6 113.5 29.4 27.9 27.1 61.3 61.5 61.0
LDC 96.6 98.9 98.6 22.6 21.6 20.5 59.3 59.7 59.5
FOOD OUTLOOK
JUNE 2020
103
APPENDIX TABLE 4(A): MAIZE STATISTICS
APPENDIX TABLE 4(A): MAIZE STATISTICS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 369.7 389.8 392.0 95.0 88.5 94.8 6.3 7.8 7.4
China 264.9 277.4 281.2 23.3 22.4 24.6 - - -
China (mainland) 264.7 277.2 281.0 18.7 18.0 20.0 - - -
India 31.4 34.6 34.0 0.1 - - 2.6 3.7 3.5
Indonesia 22.6 23.0 23.2 0.9 1.0 1.0 - 0.1 0.1
Japan - - - 15.5 14.8 15.5 - - -
Malaysia 0.1 0.1 0.1 3.7 3.7 3.7 - - -
Pakistan 9.0 9.9 10.0 - - - 0.3 0.4 0.3
Philippines 8.1 8.3 8.4 0.5 0.8 0.8 - - -
Thailand 4.6 5.2 5.2 1.7 0.8 1.5 0.0 - -
Türkiye 6.4 8.3 6.5 3.0 2.5 3.5 0.4 0.5 0.4
Viet Nam 4.6 4.2 4.0 11.3 10.2 10.4 0.4 0.2 0.2
AFRICA 90.5 92.1 92.9 23.0 18.8 19.8 4.4 5.0 4.4
Algeria - - - 4.3 3.5 3.5 - - -
Egypt 6.8 7.5 7.1 10.0 8.0 9.0 - - -
Ethiopia 10.2 10.2 10.2 - - - 0.9 0.9 0.9
Kenya 3.5 3.2 3.3 1.4 1.8 1.8 - - -
Morocco - - - 2.6 1.7 1.7 - - -
Nigeria 12.6 12.7 12.7 0.1 - - - - -
South Africa 14.9 16.1 16.5 0.2 - - 2.6 3.3 3.0
United Republic of Tanzania 6.3 5.9 5.9 - - - 0.3 0.2 -
CARIBBEAN 31.9 31.0 31.6 24.5 24.6 25.5 0.6 0.5 0.5
Mexico 27.4 26.4 27.2 17.1 17.0 18.0 0.6 0.5 0.5
SOUTH AMERICA 168.2 186.5 180.9 16.0 15.9 15.9 72.4 83.0 80.5
Argentina 58.7 59.0 41.0 - - - 38.3 29.5 28.5
Brazil 96.5 113.1 126.5 2.1 2.0 1.9 31.7 48.5 50.0
Chile 0.8 0.6 0.7 2.5 2.5 2.4 - - -
Colombia 1.4 1.5 1.6 6.1 6.3 6.5 - - -
Peru 1.5 1.6 1.6 3.7 3.6 3.7 - - -
Canada 13.9 14.5 13.8 3.2 2.5 2.2 1.4 1.7 1.6
EUROPE 133.1 99.8 112.4 19.2 26.8 19.8 37.8 32.9 31.3
European Union 70.4 52.3 64.6 16.8 24.0 17.0 4.9 3.0 4.0
Russian Federation 14.5 11.7 14.0 - - - 3.7 3.0 3.0
Serbia 7.1 4.5 6.7 - - - 2.7 1.0 1.0
Ukraine 36.1 27.0 22.0 - - - 25.7 25.6 23.0
OCEANIA 0.5 0.6 0.6 0.1 0.1 0.1 0.1 0.1 0.1
WORLD 1 170.2 1 163.0 1 212.0 181.9 178.0 178.9 182.0 178.0 178.9
LIFDC 61.7 61.7 62.2 8.0 8.5 8.4 1.8 1.7 1.6
LDC 55.9 56.1 57.1 5.2 5.4 5.3 4.0 4.3 4.0
FOOD OUTLOOK
104 JUNE 2023
APPENDIX TABLE 4(B): MAIZE STATISTICS
APPENDIX TABLE 4(B): MAIZE STATISTICS

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
ASIA 461.5 475.0 482.0 172.8 173.8 170.7 9.2 9.3 9.4
China 290.6 302.2 307.2 153.6 155.0 152.6 9.9 10.0 10.0
China (mainland) 285.8 297.4 302.4 153.1 154.5 152.1 10.1 10.1 10.1
India 29.6 30.8 31.1 2.1 2.1 1.8 6.1 6.1 6.0
Indonesia 23.8 24.1 24.1 1.6 1.2 1.3 27.0 27.2 27.4
Japan 15.4 14.8 15.7 2.2 2.5 2.3 1.0 1.0 1.0
Malaysia 3.8 3.8 3.8 0.2 0.2 0.2 5.5 6.2 6.1
Pakistan 8.6 10.0 9.9 1.1 1.2 1.0 9.5 10.2 10.1
Philippines 8.8 9.1 9.3 0.9 0.7 0.6 18.9 19.7 19.8
Thailand 6.3 6.0 6.7 0.8 0.7 0.7 1.2 1.2 1.2
Türkiye 8.9 10.0 9.6 1.3 1.7 1.7 15.9 15.8 15.7
Viet Nam 15.6 14.2 14.1 0.8 0.6 0.6 8.7 9.3 9.5
AFRICA 108.4 107.8 108.5 20.7 20.8 20.5 41.6 41.8 41.2
Algeria 4.4 3.4 3.4 1.2 1.1 1.2 3.2 3.1 3.1
Egypt 16.8 15.8 15.8 1.5 1.2 1.5 39.6 38.7 38.1
Ethiopia 8.9 9.4 9.5 2.0 2.3 2.1 48.5 49.3 48.9
Kenya 5.0 5.0 5.1 0.4 0.3 0.3 85.0 84.6 84.8
Morocco 2.6 1.5 1.6 1.2 1.2 1.4 10.4 10.3 10.2
Nigeria 12.7 13.0 12.7 0.4 - - 34.9 35.6 33.2
South Africa 12.2 12.6 13.5 2.8 3.9 3.8 89.0 88.5 88.6
United Republic of Tanzania 6.3 6.1 6.0 0.7 0.2 - 74.9 75.7 75.8
CARIBBEAN 56.0 56.8 57.0 6.8 5.1 4.7 98.0 98.5 97.9
Mexico 43.9 44.7 44.7 5.5 4.0 4.0 139.3 140.4 139.3
SOUTH AMERICA 113.7 120.3 124.2 25.5 16.8 14.3 24.2 24.3 24.4
Argentina 21.5 22.4 20.5 7.5 8.0 4.5 7.1 7.0 7.0
Brazil 67.3 72.5 78.1 13.7 6.7 8.0 24.3 24.1 24.0
Chile 3.3 3.2 3.2 0.1 0.1 0.1 20.9 20.7 20.6
Colombia 7.5 7.9 8.0 0.3 0.5 0.3 30.2 30.3 30.3
Peru 5.3 5.2 5.2 0.3 0.3 0.3 15.0 15.1 14.9
Canada 15.5 14.9 14.6 2.5 2.5 2.3 3.1 3.0 3.0
EUROPE 110.4 101.5 101.6 30.8 33.8 33.1 8.2 8.3 8.4
European Union 83.6 74.9 76.5 15.2 13.7 14.8 10.2 10.6 10.6
Serbia 4.3 4.3 4.3 1.0 0.4 1.8 20.3 20.5 20.7
Ukraine 6.6 5.9 5.9 6.6 10.4 3.5 11.2 12.4 13.5
OCEANIA 0.6 0.6 0.6 0.1 0.1 0.1 2.1 2.1 2.1
WORLD 1 177.2 1 180.5 1 203.1 297.5 288.8 302.1 18.3 18.5 18.5
LIFDC 67.5 69.8 69.4 13.6 13.1 12.9 33.6 33.8 33.5
LDC 56.9 58.8 59.1 9.5 9.0 8.4 30.4 30.8 30.8
FOOD OUTLOOK
JUNE 2023
105
APPENDIX TABLE 5(A): BARLEY STATISTICS
APPENDIX TABLE 5(A): BARLEY STATISTICS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 22.7 21.1 21.6 24.1 21.5 22.0 1.1 0.9 0.8
China 2.0 2.0 2.0 9.1 6.9 8.0 - - -
India 1.7 1.4 1.5 0.1 0.2 0.2 - - -
Iraq 1.2 0.1 0.9 - - - - - -
Japan 0.2 0.2 0.2 1.2 1.2 1.2 - - -
Kazakhstan 3.3 3.3 3.2 0.1 - - 1.0 0.6 0.6
Saudi Arabia 0.1 0.1 0.1 6.1 5.0 4.7 - - -
Syrian Arab Republic 1.5 0.3 0.9 - - - - - -
Türkiye 7.2 8.5 7.5 1.5 2.0 1.8 0.1 0.3 0.2
AFRICA 6.2 5.1 5.2 3.4 3.1 3.5 - - -
Algeria 1.1 1.0 1.0 0.7 0.8 0.8 - - -
Ethiopia 2.2 2.0 2.0 - - - - - -
Libya 0.1 0.1 0.1 1.0 1.0 1.0 - - -
Morocco 1.5 0.7 1.2 0.8 0.5 0.5 - - -
Tunisia 0.6 0.5 0.2 0.8 0.7 1.0 - - -
CARIBBEAN 1.0 1.0 0.9 0.3 0.2 0.2 - - -
Mexico 1.0 1.0 0.9 0.3 0.2 0.2 - - -
SOUTH AMERICA 6.1 6.4 6.7 1.1 1.1 1.0 3.0 2.8 3.4
Argentina 4.5 4.5 5.0 - - - 2.8 2.6 3.2
Canada 9.4 10.0 10.0 0.2 0.1 0.1 2.6 3.0 2.8
EUROPE 93.0 90.7 87.2 1.3 2.6 2.0 18.2 14.8 15.6
Belarus 1.2 1.1 1.2 0.1 0.1 0.2 - - -
European Union 56.6 51.9 52.6 0.9 2.2 1.5 7.6 6.0 7.0
Russian Federation 19.8 22.9 19.9 - - - 4.8 5.0 5.0
Ukraine 8.6 5.8 5.0 - - - 5.0 2.5 2.5
OCEANIA 13.4 14.5 10.3 - - - 6.0 7.5 6.4
Australia 13.0 14.1 9.9 - - - 6.0 7.5 6.4
WORLD 155.2 152.5 145.9 30.7 29.1 29.1 31.0 29.1 29.1
LIFDC 4.8 3.5 4.0 0.2 0.2 0.2 - - -
LDC 2.4 2.3 2.3 - - - - - -
FOOD OUTLOOK
106 JUNE 2023
APPENDIX TABLE 5(B): BARLEY STATISTICS
APPENDIX TABLE 5(B): BARLEY STATISTICS

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
ASIA 44.6 41.6 42.7 12.1 11.2 11.6 0.7 0.7 0.7
China 11.0 8.1 9.9 2.5 2.9 3.0 0.4 0.4 0.4
India 1.8 1.6 1.7 - - - 1.0 1.0 1.0
Iraq 1.1 0.9 1.2 0.9 0.3 0.3 3.3 3.1 3.1
Japan 1.4 1.5 1.4 0.2 0.2 0.2 2.4 2.4 2.4
Kazakhstan 2.3 2.3 2.3 0.4 0.7 1.2 1.1 1.0 1.0
Saudi Arabia 6.4 5.2 4.8 1.6 1.4 1.4 0.8 0.8 0.8
Syrian Arab Republic 1.5 1.2 1.2 1.1 - - 13.5 12.7 12.1
Türkiye 8.3 9.6 9.0 1.9 2.4 2.4 1.0 1.0 1.0
AFRICA 9.8 8.6 8.6 1.9 1.4 1.4 2.5 2.4 2.4
Algeria 1.9 1.8 1.8 0.8 0.5 0.5 11.5 11.1 11.0
Ethiopia 2.2 2.0 2.0 - - - 16.8 15.8 15.5
Libya 1.1 1.1 1.1 - - - 12.9 12.6 12.5
Morocco 2.3 1.6 1.6 0.4 0.2 0.3 19.6 19.2 19.3
Tunisia 1.4 1.2 1.2 0.4 0.4 0.4 7.4 7.3 7.2
CARIBBEAN 1.3 1.3 1.1 0.1 0.1 0.1 - 0.0 0.0
Mexico 1.3 1.3 1.1 0.1 0.1 0.1 - 0.0 0.0
SOUTH AMERICA 4.2 4.5 4.3 0.7 0.7 0.7 0.5 0.5 0.5
Argentina 1.6 1.9 1.8 0.5 0.6 0.6 - 0.0 0.0
Canada 6.6 6.0 6.5 0.7 0.9 1.0 0.3 0.3 0.3
EUROPE 75.2 72.7 72.3 10.0 15.1 16.3 1.2 1.2 1.2
Belarus 1.4 1.4 1.4 0.4 0.1 0.1 - 0.0 0.0
European Union 49.3 45.7 45.5 4.8 6.5 8.2 0.8 0.8 0.8
Ukraine 3.7 3.3 3.2 1.4 1.3 0.6 2.6 2.9 3.2
OCEANIA 6.5 6.1 6.1 1.9 2.7 1.6 0.1 0.1 0.1
Australia 6.1 5.7 5.7 1.8 2.6 1.6 0.2 0.2 0.2
WORLD 151.9 144.5 145.4 28.8 33.5 34.6 1.0 1.0 1.0
LIFDC 4.8 4.3 4.3 2.4 1.3 1.2 2.0 1.9 1.9
LDC 2.5 2.3 2.3 0.1 0.1 0.1 1.9 1.8 1.8
FOOD OUTLOOK
JUNE 2023
107
APPENDIX TABLE 6(A): SORGHUM STATISTICS
APPENDIX TABLE 6(A): SORGHUM STATISTICS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 8.5 8.2 8.2 7.8 5.7 7.9 0.1 0.1 0.1
China 3.2 3.2 3.2 7.3 5.3 7.5 - - -
India 4.6 4.2 4.2 - - - 0.0 - -
Japan - - - 0.3 0.3 0.3 - - -
AFRICA 27.4 28.7 26.8 0.9 1.0 1.1 0.6 0.5 0.3
Burkina Faso 1.8 2.0 1.8 - - - - - -
Ethiopia 4.2 3.4 3.4 - - - 0.4 0.2 0.2
Nigeria 6.7 6.7 6.7 - - - - - -
Sudan 4.1 5.2 3.9 0.3 0.3 0.4 0.0 0.1 -
CARIBBEAN 4.7 5.0 4.9 0.4 0.3 0.3 - - -
Mexico 4.5 4.7 4.6 0.4 0.2 0.2 - - -
SOUTH AMERICA 5.9 6.6 7.7 - - - 1.2 1.2 2.0
Argentina 2.2 2.8 2.6 - - - 1.2 1.2 2.0
Brazil 2.3 2.9 3.9 - - - - - -
Venezuela (Bolivarian Republic of) 0.1 - - - - - - - -
NORTHERN AMERICA 9.9 4.8 9.1 - - - 6.6 2.9 5.0
United States of America 9.9 4.8 9.1 - - - 6.6 2.9 5.0
EUROPE 1.3 0.8 1.1 0.1 0.1 0.1 0.1 0.1 0.1
European Union 1.0 0.6 0.8 0.1 0.1 0.1 - - -
OCEANIA 1.1 2.6 2.5 0.0 0.1 - 0.9 2.5 2.0
Australia 1.1 2.6 2.5 - - - 0.9 2.5 2.0
WORLD 58.7 56.6 60.2 9.3 7.2 9.5 9.5 7.2 9.5
LIFDC 20.0 21.2 19.4 0.9 1.0 1.1 0.6 0.5 0.3
LDC 18.1 19.2 17.5 0.7 0.8 0.9 0.5 0.4 0.3
APPENDIX TABLE 7(A): OTHER COARSE GRAIN STATISTICS: MILLET - RYE

- OATS AND OTHER GRAINS
APPENDIX TABLE 7(A): OTHER COARSE GRAIN STATISTICS: MILLET, RYE, OATS AND OTHER GRAINS

2019-2021 19/20-21/22 19/20-21/22
2022 2023 2022/23 2023/24 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 20.4 19.4 19.7 0.8 0.8 0.7 0.1 0.1 0.1
AFRICA 21.0 21.5 20.9 0.2 0.3 0.1 0.3 0.3 0.4
CENTRAL AMERICA & THE CARIBBEAN 0.1 - 0.1 0.2 0.4 0.1 - - -
SOUTH AMERICA 2.7 2.8 2.7 0.2 0.2 0.2 0.1 0.1 0.1
EUROPE 45.3 43.4 43.8 0.7 0.8 0.7 1.0 0.9 1.0
OCEANIA 1.9 1.6 1.7 0.1 0.1 0.2 0.4 0.3 0.4
WORLD 97.5 96.7 94.9 3.9 4.1 3.9 4.1 4.1 3.9
FOOD OUTLOOK
108 JUNE 2023
APPENDIX TABLE 6(B): SORGHUM STATISTICS
APPENDIX TABLE 6(B): SORGHUM STATISTICS

19/20-21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
ASIA 16.7 13.6 15.6 1.2 1.3 1.3 1.2 1.1 1.0
China 10.9 8.2 10.2 0.8 1.0 1.0 0.5 0.5 0.5
India 4.5 4.2 4.2 0.1 0.1 0.1 3.0 2.8 2.7
Japan 0.4 0.3 0.3 0.1 0.1 0.1 - 0.0 0.0
AFRICA 28.8 28.7 28.0 3.2 2.9 2.7 17.3 17.0 16.7
Burkina Faso 1.8 1.8 1.9 0.3 0.3 0.2 49.8 50.4 50.2
Ethiopia 3.9 3.3 3.2 0.5 - - 25.4 22.6 22.2
Nigeria 6.8 6.8 6.7 0.2 0.1 0.1 31.0 30.3 28.9
Sudan 4.9 5.3 4.7 0.2 0.3 0.1 94.4 94.9 95.0
CARIBBEAN 5.1 5.0 5.1 0.4 0.6 0.6 0.4 0.3 0.3
Mexico 4.9 4.8 4.9 0.4 0.6 0.6 - 0.0 0.0
SOUTH AMERICA 4.9 5.1 6.0 0.5 0.5 0.4 - 0.0 0.0
Argentina 1.2 1.2 0.9 0.1 0.2 0.1 - 0.0 0.0
Brazil 2.3 2.9 3.9 0.2 0.3 0.3 - 0.0 0.0
Venezuela (Bolivarian Republic of) 0.1 - - - - - - 0.0 0.0
EUROPE 1.3 1.3 1.4 1.4 0.7 0.5 0.2 0.2 0.2
European Union 1.1 1.1 1.1 1.4 0.6 0.4 0.3 0.3 0.3
OCEANIA 0.4 0.3 0.2 0.4 0.2 0.3 0.2 0.2 0.2
Australia 0.4 0.3 0.2 0.3 0.2 0.3 - 0.0 0.0
WORLD 60.8 57.1 59.4 8.1 6.9 6.6 3.7 3.7 3.7
LIFDC 21.3 21.2 20.6 3.0 2.6 2.5 14.0 13.8 13.7
LDC 19.3 19.1 18.5 2.5 1.9 1.8 14.2 13.9 13.9
APPENDIX TABLE 7(B): OTHER COARSE GRAIN STATISTICS: MILLET - RYE

- OATS AND OTHER GRAINS
APPENDIX TABLE 7(B): OTHER COARSE GRAIN STATISTICS: MILLET, RYE, OATS AND OTHER GRAINS
19/20-Total Utilization Stocks ending in Per caput food use

21/22 2020-2022 19/20-21/22
2022/23 2023/24 2023 2024 2022/23 2023/24
(. . . . . . . . . . . . . . . . . . . . . . . . . million tonnes . . . . . . . . . . . . . . . . . . . . . . . .(...). . . . . . . . . Kg/year . . . . . . . . . . . )
ASIA 20.9 20.4 20.6 2.0 1.3 1.0 3.4 3.2 3.3
AFRICA 20.3 21.1 21.2 10.7 11.0 10.8 11.2 11.6 11.4
CENTRAL AMERICA & THE CARIBBEAN 0.3 0.2 0.3 - - - 0.2 0.3 0.2
SOUTH AMERICA 2.9 3.0 2.8 0.1 0.2 0.2 1.1 1.2 1.1
EUROPE 44.2 43.4 42.9 8.8 8.7 9.4 11.3 11.6 11.6
OCEANIA 1.5 1.5 1.6 0.6 0.4 0.4 5.3 5.2 5.1
WORLD 95.9 96.1 95.4 23.4 23.4 22.9 5.3 5.4 5.3
FOOD OUTLOOK
JUNE 2023
109
APPENDIX TABLE 8(A): RICE STATISTICS
APPENDIX TABLE 8(A): RICE STATISTICS

19/20-21/22 2019-2021 2019-2021
2022/23 2023/24 2022 2023 2022 2023
f'cast estim. f'cast estim. f'cast
(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes, milled equivalent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )
ASIA 463.4 466.7 471.4 20.9 26.9 25.6 39.5 48.5 46.9
Bangladesh 37.2 38.3 38.9 0.9 0.9 0.6 - - -
China 146.1 144.0 144.6 4.3 6.6 5.4 2.6 2.3 2.5
China (mainland) 144.8 142.8 143.4 3.8 6.2 5.0 2.5 2.2 2.4
India 124.3 130.8 131.0 - - - 15.2 22.1 20.4
Indonesia 34.9 35.1 35.4 0.5 0.5 1.7 - - -
Iraq 0.3 - - 1.2 2.1 1.9 - - -
Japan 7.4 7.3 7.2 0.7 0.7 0.7 0.1 0.1 0.1
Malaysia 1.6 1.7 1.8 1.2 1.2 1.3 - 0.1 -
Myanmar 16.1 14.8 15.6 - - - 2.1 2.2 2.4
Pakistan 8.4 7.0 8.7 - - - 4.1 4.6 3.3
Philippines 12.8 12.9 12.9 2.8 3.9 3.5 - - -
Saudi Arabia - - - 1.3 1.3 1.2 - - -
Sri Lanka 3.4 2.3 2.7 0.0 0.8 0.2 - - -
Thailand 20.6 22.8 23.0 0.3 0.1 0.2 6.5 7.7 8.4
Viet Nam 28.2 27.7 27.8 1.0 1.9 1.5 6.7 7.2 7.5
AFRICA 24.8 24.6 25.8 16.8 18.7 17.7 0.8 0.6 0.3
Cote d'Ivoire 1.0 1.0 1.1 1.6 2.0 2.0 - - -
Egypt 4.1 3.7 3.9 0.4 0.6 0.3 - - -
Madagascar 2.8 3.1 3.2 0.5 0.8 0.6 - - -
Nigeria 5.0 5.1 5.4 2.1 2.4 2.6 - - -
Senegal 0.9 1.0 1.0 1.2 1.9 1.4 0.0 0.1 -
South Africa - - - 0.9 0.9 0.9 - - -
CARIBBEAN 1.8 1.7 1.7 2.5 2.4 2.5 0.1 - -
Cuba 0.2 0.1 0.1 0.5 0.5 0.5 - - -
Mexico 0.2 0.1 0.1 0.7 0.7 0.8 - - -
SOUTH AMERICA 16.8 16.4 16.1 1.9 1.8 1.9 3.5 4.0 3.6
Argentina 0.9 0.8 0.6 - - - 0.4 0.4 0.3
Brazil 7.6 7.3 6.8 0.8 0.8 0.9 1.0 1.4 1.0
Peru 2.3 2.4 2.3 0.3 0.1 0.2 0.1 - 0.1
Uruguay 0.8 1.0 1.0 - - - 0.8 1.0 1.0
Canada - - - 0.4 0.5 0.4 - - -
EUROPE 2.5 1.9 2.0 3.0 3.6 3.3 0.5 0.5 0.5
European Union 1.7 1.3 1.2 2.0 2.5 2.2 0.4 0.4 0.4
Russian Federation 0.7 0.6 0.7 0.2 0.2 0.2 0.1 0.1 -
and Northern Ireland - - - 0.4 0.6 0.6 - - -
OCEANIA 0.2 0.5 0.4 0.8 0.9 0.8 0.1 0.2 0.3
Australia 0.3 0.5 0.3 0.2 0.2 0.2 0.1 0.2 0.3
WORLD 515.9 516.9 523.5 47.4 56.0 53.6 47.4 56.0 53.6
LIFDC 59.2 60.1 61.4 15.8 16.9 15.9 0.7 0.6 0.3
LDC 80.3 80.1 82.4 12.3 13.3 12.3 4.6 4.9 4.9
FOOD OUTLOOK
110 JUNE 2023
APPENDIX TABLE 8(B): RICE STATISTICS
APPENDIX TABLE 8(B): RICE STATISTICS
Total Utilization Closing stocks Per caput food use

19/20-21/22 19/20-21/22 19/20-21/22
2022/23 2023/24 2022/23 2023/24 2022/23 2023/24
f'cast f'cast f'cast f'cast f'cast f'cast
(. . . . . . . . . . . . . . . . . . . million tonnes, milled equivalent . . . . . . . . . . . . . . . . . (.. ). . . . . . . . . . . Kg/year . . . . . . . . . . . . )
ASIA 439.7 446.7 445.7 181.8 184.4 187.9 75.8 75.9 75.7
Bangladesh 38.2 39.2 39.5 6.4 7.3 7.1 181.3 183.4 184.0
China 150.0 148.4 147.0 103.1 100.0 100.8 76.6 76.3 76.3
China (mainland) 148.4 146.9 145.5 102.6 99.5 100.2 77.4 77.1 77.1
India 102.4 107.6 107.5 37.7 42.8 44.5 68.3 69.7 68.9
Indonesia 36.5 36.0 36.6 5.4 4.4 5.0 118.2 115.5 115.8
Iraq 1.6 2.0 2.1 0.4 0.6 0.7 35.9 42.8 43.7
Japan 8.0 7.9 7.9 3.3 3.4 3.3 48.1 45.8 45.3
Malaysia 2.8 2.9 2.9 0.4 0.3 0.4 78.8 80.1 80.2
Myanmar 13.8 13.4 13.4 3.8 3.2 3.0 186.3 187.3 188.8
Pakistan 4.0 4.2 4.3 0.7 0.2 0.8 13.6 13.9 13.9
Philippines 15.8 16.8 16.8 2.1 2.1 2.2 119.0 120.8 120.9
Saudi Arabia 1.2 1.2 1.2 0.4 0.5 0.5 33.2 32.8 32.9
Sri Lanka 3.3 3.3 3.2 0.6 0.5 0.2 124.7 128.9 128.9
Thailand 13.1 14.0 14.1 8.2 9.8 10.1 100.1 102.9 103.5
Viet Nam 22.4 22.8 21.8 3.6 3.8 3.9 146.1 140.8 138.4
AFRICA 41.0 42.6 43.9 6.2 5.8 6.0 26.2 26.1 26.4
Cote d'Ivoire 2.7 2.9 3.0 0.5 0.6 0.6 90.4 91.4 92.5
Egypt 4.3 4.2 4.1 0.8 0.6 0.6 36.7 34.2 34.2
Madagascar 3.2 3.6 3.7 0.4 0.8 0.8 99.6 104.7 106.4
Nigeria 7.2 7.6 7.8 0.4 0.4 0.5 29.9 29.8 30.0
Senegal 2.3 2.5 2.5 0.4 0.5 0.6 123.8 126.0 126.2
South Africa 0.9 0.9 0.9 0.2 0.1 0.1 15.4 15.2 15.2
CARIBBEAN 4.2 4.2 4.3 0.6 0.5 0.7 18.3 17.8 18.1
Cuba 0.7 0.6 0.6 - - - 59.9 54.0 54.0
Mexico 0.9 0.9 0.9 0.1 0.1 0.1 7.2 7.1 7.1
SOUTH AMERICA 15.1 15.0 14.8 2.5 2.2 1.8 31.2 31.0 30.5
Argentina 0.6 0.5 0.4 0.1 - - 10.9 10.3 8.0
Brazil 7.2 7.1 7.0 0.5 0.6 0.3 31.0 30.7 30.1
Peru 2.5 2.5 2.5 0.4 0.4 0.3 67.2 67.3 67.3
Uruguay 0.1 0.1 - 0.1 0.1 - 7.4 7.3 6.9
Canada 0.4 0.5 0.5 0.1 0.1 0.1 10.9 11.6 11.6
EUROPE 5.1 5.0 5.1 0.7 0.6 0.7 5.8 5.7 5.8
European Union 3.5 3.2 3.3 0.5 0.3 0.4 6.2 6.0 6.0
OCEANIA 0.9 1.0 1.0 0.2 0.3 0.2 19.6 20.5 20.8
Australia 0.3 0.4 0.4 0.1 0.2 0.2 11.3 12.6 12.6
WORLD 511.2 519.8 520.1 193.3 194.8 198.3 53.0 53.0 52.8
LIFDC 74.3 76.8 78.3 12.0 12.5 12.4 51.3 51.1 51.1
LDC 87.7 89.8 91.1 16.8 16.8 16.4 64.5 64.0 63.9
Note: Totals and percentage change computed from unrounded data.
FOOD OUTLOOK
JUNE 2023
111
APPENDIX TABLE 9: CEREAL SUPPLY AND UTILIZATION IN SELECTED
EXPORTERS (million tonnes)

APPENDIX TABLE 9: CEREAL SUPPLY AND UTILIZATION IN SELECTED EXPORTERS (million tonnes)
Wheat 1 Coarse Grains 2 Rice (milled basis)
2021/22 2022/23 2023/24 2021/22 2022/23 2023/24 2021/22 2022/23 2023/24

estim. f'cast estim. f'cast f'cast f'cast
UNITED STATES of AMERICA (Jun/May) UNITED STATES of AMERICA UNITED STATES of AMERICA (Aug/Jul)
Opening Stocks 23.0 19.0 16.3 34.0 37.6 38.6 1.4 1.3 0.9
Production 44.8 44.9 45.2 398.1 358.8 402.4 6.1 5.1 6.1
Imports 2.6 3.4 3.7 2.6 3.3 2.6 1.2 1.3 1.2
Total Supply 70.4 67.3 65.2 434.7 399.7 443.6 8.7 7.7 8.2
Domestic use 29.6 29.9 30.2 326.6 313.6 324.5 4.8 4.8 4.9
Exports 21.8 21.1 19.8 70.5 47.6 59.6 2.6 1.9 2.4
Closing stocks 19.0 16.3 15.1 37.6 38.6 59.5 1.3 0.9 1.0
CANADA (August/July) CANADA THAILAND (Aug/July)

Opening Stocks 6.0 3.7 4.3 3.7 3.7 4.8 9.0 9.5 9.8
Production 22.4 33.8 34.3 25.2 30.6 28.1 21.8 22.8 23.0
Imports 0.2 0.1 0.1 6.4 2.1 2.3 0.1 0.2 0.2
Total Supply 28.6 37.6 38.7 35.3 36.4 35.2 30.9 32.5 33.0
Domestic use 9.8 8.9 9.1 25.6 24.1 24.2 13.8 14.0 14.1
Exports 15.0 24.4 24.5 6.0 7.6 6.9 7.7 8.6 8.8
Closing stocks 3.7 4.3 5.2 3.7 4.8 4.1 9.5 9.8 10.1
ARGENTINA (Dec./Nov.) ARGENTINA INDIA (Oct./Sept.)

Opening Stocks 2.7 1.2 1.0 8.2 6.8 8.8 37.6 40.1 42.8
Production 22.1 12.6 18.5 70.0 67.2 49.4 129.5 130.8 131.0
Imports 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0
Total Supply 24.8 13.8 19.5 78.3 74.1 58.3 167.1 170.9 173.8
Domestic use 6.3 6.3 6.5 24.2 26.5 24.1 105.0 107.6 107.5
Exports 17.3 6.5 11.5 47.3 38.8 29.0 22.0 20.5 21.8
Closing stocks 1.2 1.0 1.5 6.8 8.8 5.2 40.1 42.8 44.5
AUSTRALIA (Oct./Sept.) AUSTRALIA PAKISTAN (Sept./Aug.)

Opening Stocks 1.7 2.0 4.1 2.9 3.2 3.2 1.0 0.8 0.2
Production 36.2 39.2 28.2 18.3 18.7 14.5 9.3 7.0 8.7
Imports 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Total Supply 37.9 41.2 32.4 21.2 21.9 17.7 10.3 7.8 8.9
Domestic use 8.5 8.6 8.6 7.6 7.7 7.6 4.5 4.2 4.3
Exports 27.5 28.5 19.8 10.4 11.1 7.9 5.0 3.4 3.9
Closing stocks 2.0 4.1 4.0 3.2 3.2 2.2 0.8 0.2 0.8
EUROPEAN UNION (July/June) EUROPEAN UNION VIET NAM (Jan./Dec.)

Opening Stocks 10.8 16.8 19.0 24.9 25.7 25.2 3.4 4.2 3.8
Production 138.1 134.1 138.8 157.2 133.9 148.4 28.5 27.7 27.8
Imports 4.2 10.5 6.3 18.1 26.8 19.1 2.0 1.9 1.5
Total Supply 153.1 161.4 164.1 200.2 186.4 192.7 33.9 33.8 33.1
Domestic use 105.9 109.9 110.2 160.1 151.9 152.9 23.3 22.8 21.8
Exports 30.4 32.5 35.5 14.3 9.3 11.4 6.4 7.2 7.5
Closing stocks 16.8 19.0 18.4 25.7 25.2 28.4 4.2 3.8 3.9
TOTAL OF ABOVE TOTAL OF ABOVE TOTAL OF ABOVE

Opening Stocks 44.2 42.7 44.7 73.7 77.0 80.6 52.4 55.9 57.5
Production 263.6 264.6 265.0 668.8 609.2 642.8 195.2 193.4 196.6
Imports 7.0 14.0 10.2 27.2 32.3 24.1 3.3 3.4 2.9
Total Supply 314.8 321.3 319.9 769.7 718.5 747.5 250.9 252.7 257.0
Domestic use 160.1 163.6 164.6 544.1 523.8 533.3 151.4 153.4 152.6
Exports 112.0 113.0 111.1 148.5 114.4 114.8 43.7 41.6 44.4
Closing stocks 42.7 44.7 44.2 77.0 80.6 99.4 55.9 57.5 60.3
1
Trade data include wheat flour in wheat grain equivalent. For the EU semolina is also included
2
Argentina (December/November) for rye, barley and oats, (March/February) for maize and sorghum. Australia (November/October) for
rye, barley and oats, (March/February) for maize and sorghum. Canada (August.July), EU (July/June), United States (June/May) for rye,
barley and oats, (September/August) for maize and sorghum
FOOD OUTLOOK
112 JUNE 2023
APPENDIX TABLE 10: TOTAL OILCROPS STATISTICS
(million tonnes)
APPENDIX TABLE 10: TOTAL OILCROPS STATISTICS (million tonnes)
1
18/19-20/21 18/19-20/21 18/19-20/21
2021/22 2022/23 2021/22 2022/23 2021/22 2022/23
ASIA 149.3 154.1 160.3 141.4 131.2 140.5 3.9 3.5 3.7
China 64.2 64.5 69.3 105.5 98.6 105.9 1.1 1.0 0.9
China (mainland) 64.1 64.4 69.2 102.8 95.9 103.1 1.1 1.0 0.9
India 45.5 48.7 50.6 0.7 0.8 0.3 1.4 1.4 1.5
Indonesia 12.5 13.7 13.9 3.0 2.7 3.1 0.1 0.1 0.1
Iran (Islamic Republic of) 0.9 0.9 0.9 2.1 2.3 2.5 0.1 - 0.1
Japan 0.2 0.3 0.3 6.0 5.7 6.0 - - -
Malaysia 4.9 4.7 4.8 1.1 1.0 1.0 - - -
Pakistan 4.0 3.6 2.9 3.5 2.6 2.8 - - -
Thailand 1.2 1.2 1.2 4.0 3.3 3.7 - - -
Türkiye 3.5 3.6 3.9 4.3 3.8 4.2 0.1 - 0.1
AFRICA 22.6 24.3 24.9 6.4 6.7 4.8 2.0 2.3 2.5
Nigeria 5.3 6.1 6.3 0.1 - - 0.2 0.2 0.2
CARIBBEAN 2.1 2.0 2.0 8.6 8.7 9.4 0.2 0.2 0.2
Mexico 1.4 1.3 1.2 7.8 8.0 8.6 - - -
SOUTH AMERICA 202.1 192.8 205.8 7.1 5.7 12.0 104.8 90.0 104.1
Argentina 53.9 49.3 28.8 4.9 3.8 10.0 8.5 3.7 3.7
Brazil 130.5 130.7 160.5 0.6 0.5 0.5 87.3 79.7 93.0
Paraguay 11.3 4.8 10.1 - 0.1 - 6.4 2.9 6.0
Uruguay 2.3 3.6 1.7 - - - 2.4 3.5 1.1
Canada 27.2 21.1 26.0 0.6 0.7 0.8 15.0 10.6 14.0
EUROPE 79.8 82.1 82.7 28.3 28.5 28.6 9.4 9.8 11.9
European Union 30.8 30.9 32.0 24.4 23.4 23.5 1.0 1.2 1.2
Ukraine 23.4 23.3 18.8 0.1 - - 4.6 6.1 6.9
OCEANIA 3.0 8.9 10.3 - - - 2.7 6.1 6.9
Australia 2.6 8.5 9.9 - - - 2.6 6.0 6.8
WORLD 593.6 617.3 638.4 193.8 183.0 197.4 192.1 182.6 197.4
LIFDC 17.5 17.4 17.4 2.8 2.7 2.8 1.9 2.2 2.1
LDC 15.2 15.2 15.1 2.3 2.2 2.3 1.7 2.0 1.9
1
The split years bring together northern hemisphere annual crops harvested in the latter part of the first year shown, with southern
hemisphere annual crops harvested in the early part of the second year shown; for tree crops which are produced throughout the year,
calendar year production for the second year shown is used.
FOOD OUTLOOK
JUNE 2023
113
APPENDIX TABLE 11: TOTAL OILS AND FATS STATISTICS1 (million tonnes)
1
APPENDIX TABLE 11: TOTAL OILS AND FATS STATISTICS (million tonnes)
Imports Exports Utilization

18/19-20/21 18/19-20/21 18/19-20/21
2021/22 2022/23 2021/22 2022/23 2021/22 2022/23
ASIA 53.1 48.3 53.5 53.7 49.8 54.5 133.4 133.2 139.2
Bangladesh 2.2 2.2 2.2 - - - 2.7 2.6 2.6
China 14.7 9.5 13.1 0.6 0.6 0.6 45.5 42.0 44.9
China (mainland) 14.2 9.0 12.6 0.6 0.6 0.6 44.5 41.0 43.9
Taiwan Province of China 0.5 0.5 0.5 - - - 1.0 1.0 1.0
India 14.4 15.0 15.2 0.3 0.3 0.3 26.5 27.8 28.7
Indonesia 0.2 0.1 0.1 30.1 27.4 30.4 19.8 22.3 23.6
Iran (Islamic Republic of) 1.0 1.6 1.6 - - - 2.3 2.5 2.5
Japan 1.4 1.3 1.3 - - - 3.3 3.2 3.2
Malaysia 1.7 2.0 1.7 18.7 17.0 17.7 5.3 5.4 5.4
Pakistan 3.7 3.2 3.6 0.1 - - 5.5 5.1 5.3
Philippines 1.2 1.3 1.3 1.0 1.1 1.0 2.3 2.4 2.3
Republic of Korea 1.4 1.4 1.5 - - - 1.9 1.8 1.8
Singapore 0.9 0.9 1.3 0.2 0.2 0.4 0.8 0.7 0.8
Türkiye 1.9 2.3 2.4 0.7 0.7 1.2 3.5 3.7 3.8
AFRICA 12.0 11.3 11.9 2.3 2.2 2.2 20.1 19.9 20.0
Algeria 1.0 1.0 1.0 - 0.1 0.1 1.1 1.1 1.1
Egypt 1.9 1.8 2.0 0.2 0.1 0.2 2.7 2.7 2.5
Nigeria 1.4 1.0 1.2 0.1 - 0.1 3.7 3.6 3.7
South Africa 0.9 0.9 0.9 - - - 1.5 1.6 1.6
CARIBBEAN 2.7 2.7 2.7 1.6 1.8 1.9 5.9 5.9 6.0
Mexico 1.6 1.6 1.7 - - - 4.0 4.1 4.1
SOUTH AMERICA 3.4 3.5 3.2 10.4 11.5 11.3 19.7 19.1 19.1
Argentina 0.1 0.1 0.1 6.4 6.1 5.5 3.9 3.8 3.5
Brazil 0.6 0.8 0.8 1.6 3.0 3.4 10.5 9.9 10.4
Paraguay - - - 0.7 0.5 0.4 0.3 0.2 0.2
Uruguay 0.1 0.1 0.1 - - - 0.1 0.1 0.2
Canada 0.4 0.5 0.5 4.2 3.3 4.1 2.0 2.1 2.2
EUROPE 17.1 16.5 16.3 16.7 14.8 16.4 41.7 40.9 41.1
European Union 13.9 12.9 12.8 3.9 4.2 4.3 33.8 31.9 32.2
Ukraine 0.3 0.3 0.3 7.1 5.0 5.1 1.0 1.1 1.0
OCEANIA 0.8 0.8 0.8 2.0 2.2 2.2 1.5 1.5 1.4
Australia 0.7 0.7 0.7 0.8 0.8 0.8 1.1 1.1 1.0
WORLD 94.7 89.0 95.5 94.5 88.7 95.5 245.5 245.0 252.4
LIFDC 9.5 9.0 9.4 1.3 1.4 1.4 14.5 14.1 14.4
LDC 8.4 7.9 8.2 0.8 0.8 0.8 12.1 11.7 11.9
1
Includes oils and fats of vegetable, marine and animal origin.
FOOD OUTLOOK
114 JUNE 2023
APPENDIX TABLE 12: TOTAL MEALS AND CAKES STATISTICS1 (million tonnes)
1
APPENDIX TABLE 12: TOTAL MEALS AND CAKES STATISTICS
Imports Exports Utilization

18/19-20/21 18/19-20/21 18/19-20/21
2021/22 2022/23 2021/22 2022/23 2021/22 2022/23
ASIA 44.0 46.0 46.0 14.1 13.6 14.8 189.2 193.2 195.8
China 6.6 7.3 7.8 1.5 0.8 0.7 103.4 105.5 107.6
China (mainland) 6.1 6.8 7.3 1.5 0.8 0.7 100.7 102.8 104.9
Taiwan Province of China 0.5 0.5 0.5 - - - 2.7 2.7 2.7
India 0.7 1.2 1.0 2.3 2.4 3.4 19.0 21.0 21.4
Indonesia 5.2 5.7 5.7 5.4 5.6 5.8 5.9 6.3 6.4
Iran (Islamic Republic of) 1.7 2.1 1.9 - - - 4.4 4.4 4.2
Japan 2.5 2.3 2.2 - - - 6.6 6.5 6.5
Malaysia 1.6 1.4 1.5 2.5 2.3 2.3 2.6 2.5 2.6
Pakistan 0.5 0.5 0.5 0.1 0.1 0.1 4.5 4.0 3.7
Philippines 3.0 3.4 3.2 0.3 0.4 0.4 3.8 4.2 4.0
Republic of Korea 3.7 3.4 3.4 0.1 0.1 - 4.8 4.6 4.6
Saudi Arabia 1.8 1.5 1.3 - - - 2.2 2.1 2.0
Thailand 3.4 3.4 3.7 0.2 0.2 0.2 7.4 7.1 7.3
Türkiye 2.2 2.5 2.4 0.2 0.2 0.2 6.6 6.8 7.0
Viet Nam 6.1 5.9 6.2 0.3 0.3 0.3 8.0 7.8 7.9
AFRICA 4.4 3.5 3.4 1.3 1.4 1.4 14.8 14.6 13.6
Egypt 0.5 0.4 0.4 - - - 4.0 4.1 2.8
South Africa 0.6 0.7 0.5 0.1 0.1 0.1 2.2 2.3 2.3
CARIBBEAN 4.0 3.8 3.9 0.2 0.2 0.2 11.2 11.4 11.6
Mexico 2.2 2.0 2.1 0.1 0.1 0.1 8.6 8.7 8.9
SOUTH AMERICA 6.3 7.2 7.3 51.2 54.4 52.2 36.0 35.2 35.8
Argentina - - - 28.3 27.8 24.5 8.4 7.8 7.5
Bolivia (Plurinational State of) - - - 1.7 2.6 2.2 0.3 0.3 0.3
Brazil - - - 17.6 20.5 22.1 18.1 17.5 18.1
Chile 1.2 1.2 1.2 0.2 0.3 0.3 1.5 1.5 1.6
Paraguay - - - 2.2 1.8 1.7 1.1 1.0 0.9
Peru 1.4 1.6 1.6 0.9 1.1 1.1 1.9 2.0 2.0
Uruguay 0.2 0.1 0.2 - - - 0.2 0.1 0.2
Venezuela (Bolivarian Republic of) 0.7 0.6 0.6 - - - 0.9 0.7 0.7
Canada 1.2 1.4 1.3 5.8 5.4 6.2 3.4 3.0 2.9
EUROPE 29.3 29.4 29.5 10.7 10.1 11.0 72.9 72.9 73.9
European Union 27.2 25.2 25.3 1.7 2.1 2.0 57.8 55.5 56.3
Russian Federation - 0.1 0.1 2.8 3.3 4.2 7.5 8.0 8.0
Ukraine - - - 5.6 4.1 4.1 2.1 2.2 2.3
OCEANIA 3.7 3.8 3.8 0.2 0.4 0.4 4.5 4.7 4.7
Australia 1.5 1.5 1.5 0.1 0.2 0.3 2.2 2.2 2.3
WORLD 97.4 98.8 99.4 96.6 98.3 99.4 372.6 375.9 380.2
LIFDC 2.6 2.8 2.8 0.8 0.9 0.8 8.9 8.9 9.0
LDC 1.3 1.4 1.5 0.6 0.6 0.6 6.8 6.9 6.9
1
Expressed in product weight; includes meals and cakes derived from oilcrops as well as fish meal and other meals from animal origin.
FOOD OUTLOOK
JUNE 2023
115
APPENDIX TABLE 13: SUGAR STATISTICS
(million tonnes - raw value)

APPENDIX TABLE 13: SUGAR STATISTICS (Million tonnes, raw value)
Production Imports Exports Utilization
2021/22 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 2022/23

estim. f'cast estim. f'cast estim. f'cast estim. f'cast
ASIA 74.3 70.8 34.6 34.1 21.8 18.5 86.3 87.5

China 9.6 9.0 6.0 5.8 0.2 0.2 16.2 16.4
India 35.8 32.8 0.3 0.5 11.5 6.1 27.2 27.5
Indonesia 2.4 2.4 5.9 5.9 0.4 0.4 7.6 7.8
Japan 0.8 0.7 1.0 1.0 - - 1.8 1.8
Malaysia - - 2.0 2.0 0.3 0.3 1.9 1.9
Pakistan 7.9 7.0 0.2 0.1 - 0.3 5.9 5.9
Philippines 1.8 1.8 0.3 0.4 - - 2.0 2.0
Republic of Korea - - 2.0 2.0 0.2 0.2 1.6 1.6
Thailand 10.2 11.0 0.1 0.1 6.6 9.0 2.8 2.9
Türkiye 2.5 2.6 0.4 0.5 0.1 0.1 2.6 2.6
Viet Nam 0.7 0.9 1.5 1.5 - - 2.2 2.2
AFRICA 10.9 10.9 16.1 15.7 3.5 3.3 21.5 21.9
Algeria - - 2.2 2.2 0.4 0.3 1.9 1.9
Egypt 2.9 2.8 0.1 0.1 0.1 0.1 3.3 3.3
Eswatini 0.7 0.7 - - 0.6 0.6 0.1 0.1
Ethiopia 0.4 0.4 1.3 1.4 - - 1.3 1.3
Kenya 0.7 0.8 0.4 0.3 - - 1.1 1.1
Morocco 0.4 0.4 1.5 1.5 0.7 0.7 1.2 1.2
Mozambique 0.4 0.4 0.1 0.1 0.1 0.1 0.3 0.3
Nigeria - - 2.0 1.7 - - 1.6 1.6
South Africa 1.9 2.0 0.4 0.3 0.5 0.6 1.7 1.7
Sudan 0.3 0.3 1.4 1.4 - - 1.7 1.7
United Republic of Tanzania 0.4 0.4 0.2 0.2 - - 0.6 0.6
Zambia 0.4 0.4 - - 0.1 0.1 0.2 0.2
CARIBBEAN 13.0 12.1 0.5 0.5 4.9 4.3 7.7 7.7
Cuba 0.5 0.5 - - - - 0.5 0.5
Dominican Republic 0.6 0.6 - - 0.3 0.2 0.4 0.4
Guatemala 2.8 2.8 - - 1.6 1.6 1.0 1.0
Mexico 6.2 5.4 - - 1.6 1.1 4.1 4.2
SOUTH AMERICA 38.7 46.6 1.7 1.8 26.8 29.7 17.6 17.8
Argentina 1.6 1.5 - - 0.3 0.2 1.4 1.4
Brazil 32.1 40.0 - - 25.5 28.5 10.5 10.5
Colombia 2.2 2.2 0.2 0.2 0.6 0.6 1.7 1.8
Peru 1.2 1.2 0.3 0.3 0.1 0.1 1.4 1.4
Venezuela (Bolivarian Republic of) 0.2 0.3 0.4 0.4 - - 0.6 0.6
NORTHERN AMERICA 8.4 8.6 4.6 4.5 0.1 0.1 12.6 12.7
Canada 0.1 0.1 1.3 1.3 0.1 0.1 1.3 1.3
United States of America 8.3 8.4 3.3 3.2 - - 11.3 11.4
EUROPE 25.9 24.2 3.3 3.7 1.6 1.6 27.3 27.0
European Union 16.5 14.9 1.6 2.2 0.9 0.6 17.0 16.7
Russian Federation 5.8 6.1 0.3 0.1 0.4 0.4 6.1 6.3
Ukraine 1.5 1.3 - - 0.1 0.3 1.0 0.9
and Northern Ireland 1.0 0.7 0.8 0.8 0.1 0.1 1.8 1.8
OCEANIA 4.3 4.4 0.3 0.3 2.7 3.2 1.4 1.4
Australia 4.1 4.2 - - 2.6 3.1 1.1 1.1
Fiji 0.2 0.2 - - 0.1 0.1 - -
WORLD 175.6 177.5 61.0 60.4 61.3 60.7 174.5 176.1
LIFDC 5.3 5.3 13.3 13.2 1.2 1.1 16.0 16.3
LDC 4.2 4.2 12.3 12.2 1.1 0.9 13.3 13.6
FOOD OUTLOOK
116 JUNE 2023
APPENDIX TABLE 14: TOTAL MEAT STATISTICS1
(thousand tonnes - carcass weight equivalent)
APPENDIX TABLE 14: TOTAL MEAT STATISTICS
2022 2023 2022 2023 2022 2023 2022 2023

ASIA 156 331 157 943 21 834 22 338 5 549 5 634 172 521 174 677
China 94 695 95 251 8 220 8 524 1 012 1 032 101 904 102 743
India 9 266 9 405 2 2 1 394 1 426 7 873 7 980
Indonesia 5 157 5 199 298 310 5 5 5 450 5 504
Iran (Islamic Republic of) 2 582 2 552 174 184 21 23 2 735 2 713
Japan 4 219 4 229 3 695 3 647 18 17 7 819 7 887
Malaysia 1 828 1 843 537 563 83 82 2 282 2 323
Pakistan 5 226 5 498 2 2 70 68 5 158 5 432
Philippines 2 890 2 979 1 189 1 204 9 10 4 070 4 173
Republic of Korea 2 758 2 772 1 589 1 597 82 81 4 218 4 291
Saudi Arabia 1 214 1 224 863 952 69 73 2 007 2 102
Thailand 4 771 4 880 48 53 1 477 1 495 3 371 3 437
Türkiye 4 664 4 775 69 72 831 836 3 903 4 011
Viet Nam 5 273 5 483 631 624 26 27 5 878 6 080
AFRICA 21 974 21 752 3 089 3 015 293 296 24 769 24 471
Algeria 785 786 4 5 - - 789 790
Angola 321 326 458 420 - - 778 747
Egypt 2 843 2 632 218 240 2 2 3 059 2 869
Nigeria 1 471 1 469 8 7 - - 1 479 1 476
South Africa 3 525 3 536 409 430 143 145 3 791 3 821
CARIBBEAN 11 103 11 322 3 993 3 997 986 973 14 110 14 346
Cuba 233 232 358 372 - - 591 604
Mexico 7 891 8 087 2 583 2 556 736 729 9 738 9 914
SOUTH AMERICA 48 851 49 593 1 477 1 439 11 731 12 002 38 600 39 030
Argentina 6 316 6 220 71 52 1 074 979 5 314 5 294
Brazil 31 234 31 968 81 74 9 152 9 604 22 163 22 438
Chile 1 556 1 529 644 600 455 406 1 744 1 723
Colombia 3 065 3 151 261 272 52 52 3 274 3 371
Uruguay 747 723 116 130 515 489 350 364
NORTHERN AMERICA 54 397 54 370 3 411 3 226 10 587 10 498 47 103 47 153
Canada 5 247 5 205 756 783 2 166 2 124 3 848 3 887
United States of America 49 149 49 165 2 648 2 436 8 421 8 374 43 247 43 259
EUROPE 63 431 62 268 5 508 5 562 9 872 9 585 59 065 58 245
Belarus 1 221 1 230 95 89 406 407 909 913
European Union 42 797 41 654 1 530 1 617 7 334 7 012 36 994 36 260
Russian Federation 11 227 11 400 498 446 775 790 10 945 11 055
Ukraine 2 247 2 155 157 164 449 478 1 955 1 841
and Northern Ireland 4 184 4 071 2 637 2 660 801 788 6 020 5 942
OCEANIA 6 479 6 682 552 541 2 804 3 086 4 257 4 136
Australia 4 442 4 652 272 264 1 765 2 040 2 953 2 876
New Zealand 1 450 1 434 83 81 1 036 1 042 522 474
WORLD 362 566 363 931 39 865 40 117 41 822 42 075 360 426 362 058
LIFDC 15 609 15 561 1 962 1 873 220 211 17 351 17 223
LDC 12 930 12 945 1 756 1 724 62 59 14 624 14 610
1
includes bovine, ovine, pig, poultry and other meats all expressed in carcass weight equivalents
FOOD OUTLOOK
JUNE 2023
117
APPENDIX TABLE 15: BOVINE MEAT STATISTICS

APPENDIX TABLE 15: BOVINE MEAT STATISTICS
2022 2023 2022 2023 2022 2023 2022 2023

ASIA 22 115 22 599 7 463 7 576 1 770 1 805 27 778 28 376

China 7 195 7 405 3 719 3 727 64 68 10 850 11 065
India 4 350 4 445 - - 1 378 1 410 2 972 3 035
Indonesia 520 527 288 298 1 1 807 825
Iran (Islamic Republic of) 362 371 64 71 5 4 421 438
Japan 492 500 777 777 11 10 1 228 1 273
Malaysia 41 40 271 280 18 17 293 303
Pakistan 2 455 2 533 1 1 65 63 2 391 2 471
Philippines 183 184 237 240 5 5 415 420
Republic of Korea 330 355 595 596 4 4 920 947
AFRICA 7 329 7 274 406 409 81 82 7 654 7 601
Algeria 146 146 4 5 - - 150 151
Angola 105 108 17 19 - - 122 127
Egypt 595 588 181 185 1 1 776 772
South Africa 1 050 1 057 4 4 53 54 1 001 1 007
CARIBBEAN 2 979 3 016 369 374 613 621 2 736 2 768
Mexico 2 177 2 220 200 207 409 424 1 968 2 003
SOUTH AMERICA 16 696 16 767 553 559 4 768 4 828 12 481 12 498
Argentina 3 133 3 003 7 5 825 799 2 315 2 209
Brazil 10 350 10 570 70 64 2 907 3 025 7 513 7 609
Chile 190 199 335 340 27 30 498 510
Colombia 718 727 10 9 52 52 676 685
Uruguay 616 590 44 47 489 464 171 173
NORTHERN AMERICA 14 285 13 653 1 741 1 790 2 226 2 076 13 780 13 412
Canada 1 395 1 382 239 239 574 575 1 060 1 054
United States of America 12 890 12 271 1 501 1 549 1 652 1 501 12 718 12 357
EUROPE 10 237 10 073 1 343 1 314 1 362 1 344 10 218 10 043
European Union 6 714 6 608 387 406 851 844 6 250 6 170
Ukraine 293 259 9 7 21 20 280 246
and Northern Ireland 906 912 514 503 163 169 1 257 1 245
OCEANIA 2 621 2 732 65 61 1 807 2 028 879 764
Australia 1 878 1 998 22 19 1 188 1 412 712 605
New Zealand 728 718 12 10 616 613 123 115
WORLD 76 263 76 112 11 941 12 082 12 627 12 784 75 526 75 461
LIFDC 6 543 6 480 208 203 152 145 6 599 6 539
LDC 4 657 4 656 142 142 10 9 4 788 4 790
FOOD OUTLOOK
118 JUNE 2023
APPENDIX TABLE 16: OVINE MEAT STATISTICS
APPENDIX TABLE 16: OVINE MEAT STATISTICS
2022 2023 2022 2023 2022 2023 2022 2023

ASIA 10 333 10 430 670 723 36 36 10 967 11 117

Bangladesh 237 238 - - - - 237 238
China 5 252 5 297 380 406 2 2 5 631 5 701
India 823 822 - - 9 10 814 813
Iran (Islamic Republic of) 289 295 3 5 - - 292 300
Pakistan 782 797 - - 4 3 778 794
Saudi Arabia 145 147 30 32 - - 175 179
Türkiye 605 631 1 1 5 4 601 628
AFRICA 3 432 3 426 12 12 51 49 3 393 3 389
Algeria 364 365 - - - - 364 365
Nigeria 408 407 - - - - 408 407
South Africa 158 156 2 2 4 4 156 154
CARIBBEAN 147 148 12 13 3 3 156 157
Mexico 108 109 - - 3 3 106 106
SOUTH AMERICA 333 334 4 4 27 25 313 314
Brazil 141 142 4 4 - - 145 146
NORTHERN AMERICA 88 87 196 191 3 3 286 275
United States of America 70 70 165 160 3 3 237 227
EUROPE 1 166 1 179 202 211 119 127 1 252 1 262
European Union 576 570 139 151 36 34 679 686
Russian Federation 211 210 - - 1 1 210 209
and Northern Ireland 276 298 56 53 75 85 256 266
OCEANIA 1 175 1 237 35 35 853 905 386 367
Australia 735 798 1 1 478 521 264 278
New Zealand 439 438 3 3 375 384 92 58
WORLD 16 673 16 841 1 131 1 190 1 093 1 149 16 753 16 882
LIFDC 3 161 3 153 13 13 46 44 3 127 3 122
LDC 2 571 2 564 2 3 27 24 2 546 2 542
FOOD OUTLOOK
JUNE 2023
119
APPENDIX TABLE 17: PIG MEAT STATISTICS

APPENDIX TABLE 17: PIGMEAT STATISTICS
2022 2023 2022 2023 2022 2023 2022 2023

ASIA 65 661 66 051 5 719 5 713 258 273 71 021 71 512

China 56 360 56 597 2 470 2 532 129 144 58 701 58 985
India 316 315 1 1 1 1 316 316
Indonesia 263 265 7 8 - - 270 273
Japan 1 293 1 302 1 528 1 472 3 3 2 771 2 790
Malaysia 217 214 47 55 2 2 262 267
Philippines 1 217 1 261 496 489 2 2 1 710 1 748
Republic of Korea 1 419 1 398 721 728 9 9 2 079 2 120
Thailand 746 770 1 1 30 30 717 741
Viet Nam 2 880 2 983 127 101 21 22 2 986 3 062
AFRICA 2 011 2 016 335 337 30 30 2 315 2 323
Madagascar 17 15 - - - - 17 15
Nigeria 307 305 6 5 - - 313 310
South Africa 338 349 30 29 24 23 344 355
Uganda 129 130 - - - - 130 130
CARIBBEAN 2 131 2 175 1 690 1 669 325 306 3 495 3 538
Cuba 119 116 21 23 - - 140 139
Mexico 1 730 1 782 1 334 1 304 305 285 2 759 2 801
SOUTH AMERICA 7 719 7 879 485 495 1 705 1 837 6 499 6 536
Argentina 723 757 49 40 1 3 771 794
Brazil 5 167 5 254 3 2 1 471 1 585 3 699 3 671
Chile 576 588 136 137 229 246 483 479
Colombia 517 541 166 164 - - 683 705
NORTHERN AMERICA 14 524 14 609 1 019 874 4 150 4 169 11 376 11 318
Canada 2 272 2 191 269 281 1 426 1 378 1 126 1 109
United States of America 12 252 12 418 748 591 2 724 2 791 10 249 10 208
EUROPE 29 645 28 405 1 426 1 484 4 966 4 707 26 106 25 182
Belarus 362 366 60 56 38 42 385 380
European Union 22 284 21 142 129 131 4 385 4 143 18 028 17 129
Serbia 304 303 75 73 18 18 362 359
Ukraine 642 565 67 70 2 1 708 634
and Northern Ireland 1 046 885 903 982 264 228 1 685 1 639
OCEANIA 585 576 326 319 39 39 872 855
Australia 436 426 242 238 36 36 642 627
Papua New Guinea 84 85 5 4 - - 89 89
WORLD 122 276 121 710 10 998 10 890 11 473 11 361 121 684 121 265
LIFDC 1 492 1 484 187 190 5 5 1 674 1 669
LDC 1 938 1 930 225 233 2 2 2 161 2 160
FOOD OUTLOOK
120 JUNE 2023
APPENDIX TABLE 18: POULTRY MEAT STATISTICS
APPENDIX TABLE 18: POULTRY MEAT STATISTICS
2022 2023 2022 2023 2022 2023 2022 2023

ASIA 54 700 55 354 7 933 8 277 3 389 3 427 59 279 60 206

China 25 232 25 352 1 635 1 844 793 795 26 074 26 402
India 3 776 3 822 - - 5 5 3 771 3 817
Indonesia 4 254 4 284 - - 2 3 4 251 4 281
Iran (Islamic Republic of) 1 923 1 877 108 108 16 18 2 014 1 966
Japan 2 429 2 421 1 359 1 366 5 5 3 784 3 787
Kuwait 67 68 174 182 7 7 234 243
Malaysia 1 566 1 585 177 182 62 62 1 680 1 705
Republic of Korea 1 005 1 015 242 236 68 68 1 184 1 183
Saudi Arabia 910 910 615 692 54 57 1 471 1 545
Thailand 1 863 1 910 2 2 1 340 1 358 554 553
Türkiye 2 472 2 533 63 65 763 768 1 772 1 830
AFRICA 7 415 7 226 2 321 2 242 127 131 9 609 9 337
Angola 40 42 327 283 - - 368 325
South Africa 1 922 1 915 373 395 59 61 2 236 2 249
CARIBBEAN 5 759 5 898 1 918 1 936 45 43 7 632 7 791
Cuba 26 29 334 346 - - 360 375
Mexico 3 801 3 902 1 046 1 042 19 16 4 828 4 928
SOUTH AMERICA 23 931 24 436 434 380 5 030 5 110 19 336 19 705
Argentina 2 319 2 316 15 6 227 157 2 107 2 165
Brazil 15 551 15 977 5 3 4 598 4 817 10 957 11 163
Chile 769 719 172 122 193 124 748 717
NORTHERN AMERICA 25 189 25 708 442 359 4 193 4 235 21 352 21 838
Canada 1 540 1 592 215 230 161 166 1 594 1 656
United States of America 23 649 24 116 223 125 4 032 4 069 19 754 20 178
EUROPE 22 128 22 363 2 266 2 283 3 382 3 367 21 008 21 279
European Union 13 074 13 189 669 721 2 027 1 958 11 716 11 952
Ukraine 1 290 1 310 80 86 426 456 944 940
and Northern Ireland 1 948 1 968 1 114 1 071 294 301 2 768 2 738
OCEANIA 1 636 1 674 125 125 88 97 1 673 1 702
Australia 1 375 1 416 5 5 59 67 1 322 1 354
New Zealand 223 219 2 2 29 30 195 191
WORLD 140 760 142 659 15 439 15 601 16 254 16 409 139 889 141 859
LIFDC 2 934 2 950 1 542 1 455 15 16 4 461 4 390
LDC 2 910 2 932 1 375 1 336 22 22 4 263 4 246
FOOD OUTLOOK
JUNE 2023
121
APPENDIX TABLE 19: MILK AND MILK PRODUCTS STATISTICS
(thousand tonnes - milk equivalent)

APPENDIX TABLE 19: MILK AND MILK PRODUCTS STATISTICS

2020-2021 2022 2023 2020-2021 2022 2023 2020-2021 2022 2023
ASIA 405 549 421 452 429 207 50 759 49 234 48 935 8 896 9 148 8 975
China 36 995 40 813 43 455 18 813 17 454 17 083 100 100 133
1
India 215 512 226 090 230 108 107 74 78 415 597 587
Indonesia 1 579 1 599 1 610 3 205 3 775 3 863 59 65 67
Iran (Islamic Republic of) 8 108 7 840 7 820 130 86 85 1 120 1 583 1 592
Japan 7 515 7 617 7 625 2 035 1 905 1 927 24 107 81
Malaysia 48 47 47 2 379 2 422 2 308 527 367 359
Pakistan 61 740 64 280 64 970 321 313 277 12 11 10
Philippines 27 26 27 2 576 2 804 2 865 89 89 87
Republic of Korea 2 072 1 986 1 968 1 396 1 536 1 548 39 41 40
Saudi Arabia 2 913 2 920 2 925 2 655 2 634 2 720 1 487 1 294 1 310
Singapore - - - 1 461 1 464 1 454 402 424 418
Thailand 1 307 1 222 1 220 1 668 1 746 1 775 295 323 310
Türkiye 23 352 21 563 21 413 120 97 98 1 160 1 001 944
AFRICA 53 470 52 799 52 448 10 565 9 921 10 063 1 205 958 908
Algeria 3 309 3 370 3 375 3 222 3 404 3 571 - 1 -
Egypt 5 507 5 175 5 123 1 160 1 096 1 080 392 147 139
Kenya 5 765 5 875 5 760 155 180 180 2 7 6
South Africa 3 845 3 766 3 747 368 326 322 388 377 353
Tunisia 1 427 1 426 1 420 102 94 97 23 33 32
CARIBBEAN 19 244 19 698 19 958 6 045 5 917 6 077 840 611 603
Costa Rica 1 217 1 220 1 217 63 68 65 139 107 101
Mexico 12 929 13 336 13 590 3 727 3 553 3 687 303 132 135
SOUTH AMERICA 67 943 66 519 66 112 3 223 3 207 3 337 4 372 4 615 4 437
Argentina 11 673 11 904 11 780 14 31 32 2 269 2 429 2 334
Brazil 36 669 34 830 34 620 1 028 1 151 1 226 106 124 107
Colombia 7 204 7 421 7 362 491 525 521 32 20 17
Uruguay 2 307 2 310 2 305 52 42 41 1 518 1 504 1 456
NORTHERN AMERICA 111 675 112 700 113 702 2 865 3 285 3 293 13 841 14 888 15 157
Canada 9 714 9 733 9 780 836 911 912 868 843 873
United States of America 101 961 102 967 103 922 2 021 2 368 2 376 12 973 14 045 14 285
EUROPE 234 531 233 207 233 140 12 526 11 942 11 945 35 218 32 568 32 861
Belarus 7 793 7 869 7 945 69 77 78 4 436 4 407 4 443
European Union 160 028 159 934 159 613 3 324 3 389 3 231 25 580 23 194 23 499
Russian Federation 32 282 32 977 33 472 3 808 3 574 3 623 384 406 413
Ukraine 8 989 7 320 7 040 388 205 288 499 535 459
and Northern Ireland 15 682 15 584 15 620 3 734 3 397 3 435 3 237 2 933 2 955
OCEANIA 30 950 29 508 29 442 1 733 1 661 1 765 23 046 21 768 22 028
Australia 9 051 8 435 8 160 1 221 1 232 1 330 2 900 2 985 2 631
New Zealand 21 878 21 051 21 260 255 180 195 20 141 18 779 19 394
WORLD 923 362 935 882 944 008 87 715 85 166 85 416 87 418 84 556 84 969
LIFDC 61 090 61 433 61 591 5 463 4 998 4 987 713 686 675
LDC 39 947 39 748 39 705 5 185 4 706 4 690 347 332 321
1
For production, the annual dairy cycle starting in April is applied
Note: Trade values that refer to milk equivalents were derived by applying the following weights: butter (6.60), cheese (4.40), skim/whole milk
powder (7.60), whole condensed/evaporated milk (2.10), yoghurt (1.0), cream (3.60), casein (7.40), skim milk (0.70), liquid milk (1.0), whey dry (7.6).
The conversion factors cited refer to the solids content method. Refer to IDF Bulletin No. 390 (March 2004)
FOOD OUTLOOK
122 JUNE 2023
APPENDIX TABLE 20: FISH AND FISHERY PRODUCTS STATISTICS1
1
APPENDIX TABLE 20: FISH AND FISHERY PRODUCTS STATISTICS
Capture fisheries Aquaculture

Exports Imports
production fisheries production
2020 2021 2020 2021 2021 2022 2023 2021 2022 2023
estim. f'cast estim. f'cast
Million tonnes (live weight equivalent) USD billion USD billion
2
ASIA 46.8 46.6 77.5 80.3 62.7 67.3 67.3 56.7 65.2 67.8
China 13.2 12.9 49.6 51.2 23.5 24.9 25.0 22.7 27.7 30.2
China, Hong Kong SAR 0.1 0.1 - - 0.5 0.6 0.8 3.6 3.4 3.8
Taiwan Province of China 0.6 0.7 0.3 0.3 1.7 1.7 1.7 1.8 2.1 2.0
India 4.6 5.0 8.6 9.4 7.5 7.9 8.2 0.2 0.2 0.2
Indonesia 6.9 7.1 5.2 5.5 5.3 5.5 5.1 0.5 0.7 0.7
Japan 3.2 3.1 0.6 0.6 2.5 2.6 2.6 14.1 14.9 14.7
Philippines 1.9 1.8 0.9 0.9 0.9 0.9 0.8 0.6 0.8 0.8
Republic of Korea 1.4 1.3 0.6 0.6 2.0 2.4 2.3 5.9 6.6 6.6
Thailand 1.6 1.4 1.0 1.0 5.4 5.8 5.5 3.8 4.3 4.3
Viet Nam 3.5 3.5 4.7 4.7 9.1 9.8 10.0 2.0 2.1 2.1
AFRICA 9.8 10.4 2.3 2.3 7.9 8.8 9.1 5.4 5.7 5.9
Egypt 0.4 0.4 1.6 1.6 - 0.1 0.1 0.8 0.9 0.9
Morocco 1.4 1.4 - - 2.8 2.9 2.9 0.3 0.3 0.4
Namibia 0.3 0.4 - - 0.8 0.8 0.8 0.1 0.1 0.1
Nigeria 0.8 0.8 0.3 0.3 - 0.1 0.1 0.9 0.9 0.9
Senegal 0.5 0.5 - - 0.6 0.7 0.7 0.1 0.1 0.1
South Africa 0.6 0.5 - - 0.7 0.7 0.7 0.4 0.5 0.5
CARIBBEAN 2.0 2.2 0.4 0.4 2.9 2.7 2.7 2.1 2.1 2.1
Mexico 1.5 1.6 0.3 0.2 1.4 1.0 1.0 1.0 0.9 0.8
Panama 0.2 0.2 - - 0.1 0.2 0.2 0.1 0.1 0.1
SOUTH AMERICA 10.1 11.6 3.3 3.4 20.9 24.7 25.3 3.1 3.5 3.6
Argentina 0.8 0.9 - - 1.9 1.7 1.9 0.2 0.2 0.2
Brazil 0.7 0.8 0.6 0.6 0.4 0.4 0.4 1.3 1.5 1.6
Chile 1.8 2.0 1.5 1.4 6.8 8.5 8.8 0.5 0.5 0.6
Ecuador 0.6 0.9 0.8 0.9 7.1 9.2 9.2 0.2 0.3 0.3
Peru 5.6 6.5 0.1 0.2 3.8 3.9 4.0 0.3 0.3 0.3
NORTHERN AMERICA 5.3 5.3 0.6 0.6 13.8 13.5 13.6 33.5 35.3 33.6
Canada 0.7 0.7 0.2 0.2 7.1 6.5 6.4 3.6 3.9 3.7
United States of America 4.3 4.3 0.4 0.4 5.6 5.8 6.0 29.9 31.4 29.9
EUROPE 13.8 13.5 3.3 3.6 65.1 70.1 71.1 69.9 73.1 74.2
European Union2 3.9 3.6 1.1 1.2 37.8 40.2 41.2 58.1 61.6 62.2
of which extra-EU - - - - 7.4 8.0 8.5 29.6 32.2 31.7
Iceland 1.0 1.0 - 0.1 2.6 2.9 2.9 0.1 0.1 0.2
Norway 2.5 2.4 1.5 1.7 13.9 15.5 15.9 1.4 1.6 1.7
Russian Federation 5.1 5.2 0.3 0.3 6.1 6.7 6.4 2.6 2.2 2.6
OCEANIA 1.5 1.5 0.2 0.2 3.2 3.2 3.3 1.9 2.2 2.2
Australia 0.2 0.2 0.1 0.1 0.9 0.8 0.9 1.5 1.8 1.8
New Zealand 0.4 0.3 0.1 0.1 1.3 1.2 1.2 0.2 0.2 0.3
3
WORLD 89.6 91.2 87.6 90.9 176.6 190.2 192.4 172.6 187.1 189.4
Excl. intra-EU - - - - 146.2 158.0 159.7 144.1 157.7 158.9
LIFDC 7.8 8.2 3.2 3.4 20.0 21.9 22.5 4.6 4.6 4.7
LDC 9.8 10.0 4.6 4.5 3.9 4.3 4.4 1.3 1.3 1.3
1
Production and trade data exclude whales, seals, other aquatic mammals and aquatic plants. Trade data include fishmeal and fish oil
2
EU-27. Including intra-trade. Cyprus is included in Asia as well as in the European Union
3
For capture fisheries production, the aggregate includes also 1 060 tonnes in 2019 and 1 030 tonnes in 2020 of not identified countries
these data are not included in any other aggregates. Totals may not match due to rounding
FOOD OUTLOOK
JUNE 2023
123
APPENDIX TABLE 21: SELECTED INTERNATIONAL PRICES FOR WHEAT AND
COARSE GRAINS
Wheat Maize Barley Sorghum
Period US No. 2 Hard US Soft Red Argentina US No. 2 Argentina3 France feed Australia feed US No. 2
Red Winter Winter No. 22 Trigo Pan3 Yellow2 Rouen Southern Yellow2
Ord. Prot.1 States
................................................................................. (USD/tonne) .................................................................................
Annual (July/June)
2011/12 297 258 259 280 268 270 247 286
2012/13 346 311 337 311 277 297 299 304
2013/14 317 265 335 217 218 243 241 244
2014/15 266 220 254 173 177 205 243 247
2015/16 211 194 208 167 170 174 185 192
2016/17 197 170 190 156 173 159 162 172
2017/18 230 188 204 159 165 193 222 192
2018/19 232 210 233 166 166 219 265 183
2019/20 220 219 231 163 163 184 215 190
2020/21 269 254 263 219 224 242 218 308
2021/22 275 257 266 230 231 246 222 319
2022 – May 521 440 467 345 315 427 374 389
2022 – June 460 380 480 336 299 365 387 373
2022 – July 383 311 425 306 271 309 348 325
2022 – August 383 315 408 294 281 302 330 318
2022 – September 419 344 403 313 294 306 308 360
2022 – October 439 352 422 344 308 311 298 371
2022 – November 423 336 415 321 301 309 301 367
2022 – December 387 315 394 302 312 302 289 361
2023 – January 380 314 375 303 311 299 292 365
2023 – February 395 312 364 298 313 301 286 363
2023 – March 370 284 349 285 299 286 273 343
2023 – April 378 277 345 291 283 266 275 342
2023 – May 368 253 361 269 254 241 260 311
1
Delivered United States f.o.b Gulf; 2 Delivered United States Gulf; 3 Up River f.o.b.
Sources: International Grain Council and USDA.
APPENDIX TABLE 22: TOTAL WHEAT AND MAIZE FUTURES PRICES

July September December Maerch
July 2023 July 2022 Sept 2023 Sept 2022 Dec 2023 Dec 2022 Mar 2024 Mar 2023
................................................................................. (USD/tonne) .................................................................................
Wheat
April 20 250 403 254 403 259 402 263 401
April27 231 401 235 400 242 399 246 399
May 4 235 396 239 397 245 397 249 398
May 11 236 409 240 411 246 412 250 413
May 18 225 432 229 433 236 434 242 428
May 25 222 405 227 428 234 429 239 424
Maize
April 20 246 319 221 302 219 295 223 296
April27 229 320 209 303 209 295 213 296
May 4 232 313 208 296 208 290 212 291
May 11 229 310 203 296 202 290 206 291
May 18 219 308 195 197 197 291 201 293
May 25 233 304 201 291 203 285 207 286
Source: Chicago Board of Trade (CBOT)
FOOD OUTLOOK
124 JUNE 2023
APPENDIX TABLE 23: SELECTED INTERNATIONAL PRICES FOR RICE AND
PRICE INDICES
International prices FAO indices
Period Thai Thai US long Pakisan FAO All Indica Japonica Aromatic Glutinous
100% B1 broken2 grain3 Basmati4 Rice Price
Index
Annual (Jan/Dec) ..........................(USD per tonne) .......................... ............................. (2014-2016=100) .............................
2016 407 348 438 795 91 96 79 77 102
2017 415 334 456 1131 99 100 80 101 88
2018 445 365 531 1023 106 108 91 108 89
2019 435 385 500 982 101 101 80 106 124
2020 515 431 597 970 110 114 90 98 124
2021 476 415 570 778 106 112 101 87 87
2022 451 405 649 1068 109 110 129 102 88
Monthly
2022 – May 479 437 650 986 109 111 125 103 90
2022 – June 464 433 653 1149 111 112 127 106 85
2022 - July 433 396 662 1245 108 109 128 107 82
2022 - August 446 391 672 1250 109 108 129 110 85
2022 – September 451 387 676 1142 111 112 135 107 84
2022 – October 444 385 687 1133 112 113 140 106 92
2022 – November 448 395 698 1157 115 115 146 107 97
2022 – December 479 418 702 1252 119 120 159 110 103
2023 – January 532 473 719 1537 126 127 161 120 101
2023 - February 507 448 728 1396 125 126 158 117 99
2023 - March 490 437 727 1250 121 123 146 112 96
2023 – April 515 453 719 1273 124 127 150 113 96
2023 – May 524 446 715 1372 128 131 147 117 98
1
White rice - 100% second grade - f.o.b. Bangkok - indicative traded prices.
2
A1 super - f.o.b. Bangkok - indicative traded prices.
3
US No.2 - 4% brokens f.o.b.
4
Super Kernel White Basmati Rice 2%.
Note: The FAO Rice Price Index is based on 21 rice export quotations. ‘Quality’ is defined by the percentage of broken kernels, with higher (lower) quality referring to rice
with less (equal to or more) than 15 percent brokens. The sub-index for Aromatic Rice follows movements in prices of Basmati and Fragrant rice.
Sources: FAO for indices. Rice prices: Creed Rice Market Report, Livericeindex.com, Thai Department of Foreign Trade (DFT), Viettraders and other public sources
FOOD OUTLOOK
JUNE 2023
125
APPENDIX TABLE 24: SELECTED INTERNATIONAL PRICES FOR OILCROP
PRODUCTS AND PRICE INDICES

International prices1 FAO indices8
Period Soybeans2 Soybean oil3 Palm oil4 Soybean cake5 Rapeseed Oilseeds Vegetable oils Oilcakes/meals
meal6
.............................................. (USD per tonne) .............................................. ................... (2014-2016=100) ................
Annual (Oct/Sept)
2012/13 563 1099 835 539 345 132 120 129
2013/14 521 949 867 534 324 120 116 128
2014/15 407 777 658 406 270 95 93 99
2015/16 396 773 655 351 232 93 95 85
2016/17 404 806 729 336 225 95 103 81
2017/18 402 820 648 381 258 94 94 93
2018/19 370 744 523 328 247 88 80 81
2019/20 379 783 668 338 243 90 93 84
2020/21 561 1272 1075 464 347 133 149 115
2021/22 641 1671 1423 520 405 156 196 129
Monthly
2022 - May 713 1948 1685 504 440 176 229 129
2022 - June 690 1771 1591 529 362 164 212 129
2022 - July 614 1529 1173 548 333 145 169 130
2022 - August 629 1660 1086 560 365 147 163 133
2022 - September 643 1615 1046 529 346 142 150 126
2022 - October 621 1598 1045 528 367 144 151 127
2022 - November 646 1627 1090 526 356 149 155 126
2022 - December 649 1408 1043 556 369 148 145 133
2023 - January 649 1356 1018 595 395 148 140 142
2023 - February 649 1256 995 610 413 147 136 146
2023 - March 575 1132 1024 576 366 131 132 137
2023 - April 555 1077 1025 518 345 126 130 125
2023 - May7 523 975 942 485 298 117 119 116
1
Spot prices for nearest forward shipment
2
Soybeans: US, No.2 yellow, c.i.f. Rotterdam
3
Soybean oil: Dutch, fob ex-mill
4
Palm oil: Crude, c.i.f. Northwest Europe
5
Soybean cake: Pellets, 44/45 percent, Argentina, c.i.f. Rotterdam
6
Rapeseed meal: 34 percent, Hamburg, f.o.b. ex-mill
7
The international prices shown represent averages for three out of four quotations for the month.
8
The FAO indices are based on the international prices of five selected seeds, ten selected oils and five selected cakes and meals. The indices are calculated using the
Laspeyres formula; the weights used are derived from the export values of each commodity for the 2014–2016 period.
Sources: FAO and Oil World.
FOOD OUTLOOK
126 JUNE 2023
APPENDIX TABLE 25: SELECTED INTERNATIONAL PRICES FOR SUGAR AND
SUGAR PRICE INDEX
I.S.A. daily price average1 FAO Sugar Price Index
(2014/16 = 100)
Raw sugar
Annual (Jan/Dec) (US Cents/lb) (2014/16=100)

2010 21.3 131.7
2011 26 160.9
2012 21.5 133.3
2013 17.7 109.5
2014 17 105.2
2015 13.4 83.2
2016 18 111.6
2017 16 99.1
2018 12.5 77.4
2019 12.7 78.6
2020 12.9 79.5
2021 17.7 109.3
2022 18.5 114.5
Monthly
May - 2021 17.3 106.8
June - 2021 17.4 107.7
July - 2021 17.7 109.6
August - 2021 19.5 120.5
September - 2021 19.6 121.2
October - 2021 19.2 119.1
November - 2021 19.4 120.2
December - 2021 18.8 116.4
January - 2022 18.2 112.7
February - 2022 17.9 110.5
March - 2022 19.1 117.9
April.2022 19.6 121.5
May - 2022 19.5 120.4
June - 2022 19.0 117.3
July - 2022 18.2 112.8
August - 2022 17.9 110.5
September - 2022 17.7 109.7
October - 2022 17.5 108.6
November - 2022 18.5 114.4
December - 2022 18.9 117.2
January - 2023 18.9 116.8
February - 2023 20.2 125.2
March - 2023 20.5 127.0
April.2023 24.1 149.4
May - 2023 25.4 157.6
1
International Sugar Agreement (ISA) prices: simple average of the closing quotes for the first three future positions of the New York Intercontinental Exchange (ICE)
Sugar Contract No. 11.
Source: International Sugar Organization (ISO). FAO for the sugar index.
FOOD OUTLOOK
JUNE 2023
127
APPENDIX TABLE 26: SELECTED INTERNATIONAL PRICES FOR MILK
PRODUCTS AND DAIRY PRICE INDEX

International prices FAO dairy price index
Period Butter1 Skim milk powder2 Whole milk powder3 Cheddar cheese4
Annual (Jan/Dec) .................................................. (USD per tonne) .................................................. ... (2014-2016=100) ...
2012 3 740 3 063 3 336 3 877 112

2013 4 784 4 148 4 730 4 563 141
2014 4 278 3 606 3 854 4 542 130
2015 3 306 2 089 2 537 3 076 87
2016 3 473 1 986 2 481 2 807 83
2017 5 641 2 011 3 163 3 664 108
2018 5 587 1 834 3 060 3 736 107
2019 4 443 2 440 3 186 3 435 103
2020 3 844 2 606 3 041 3 506 102
2021 4 995 3 181 3 855 3 816 119
2022 6 608 3 863 4 253 4 535 142
Monthly
2022 – May 7 008 4 228 4 388 4 370 144
2022 – June 7 133 4 261 4 532 4 659 150
2022 – July 6 793 3 974 4 326 4 687 146
2022 – August 6 610 3 702 4 011 4 756 143
2022 – September 6 555 3 661 3 982 4 753 143
2022 – October 6 268 3 464 3 893 4 706 139
2022 – November 6 079 3 151 3 750 4 803 137
2022 – December 5 740 3 132 3 714 4 963 138
2023 – January 5 290 2 915 3 507 4 986 135
2023 – February 4 968 2 781 3 424 4 809 129
2023 – March 5 021 2 737 3 410 4 652 127
2023 – April 5 018 2 671 3 282 4 455 123
2023 – May 5 048 2 730 3 423 4 119 119
1
Butter - 82% butterfat - f.o.b. Oceania and EU; average indicative traded prices.
2
Skim Milk Powder - 1.25% butterfat - f.o.b. Oceania and EU - averaged indicative traded prices.
3
Whole Milk Powder - 26% butterfat - f.o.b. Oceania and EU - average indicative traded prices.
4
Cheddar Cheese, 39% max. moisture, f.o.b. Oceania and EU, indicative traded prices
Note: The FAO Dairy Price Index is derived from a trade-weighted average of a selection of representative internationally-traded dairy products from the European Union
and Oceania.
FOOD OUTLOOK
128 JUNE 2023
APPENDIX TABLE 27: SELECTED INTERNATIONAL MEAT PRICES
Bovine meat prices Ovine meat price Pig meat prices Poultry meat prices
Period Australia United Brazil New Australia United Brazil Germany United Brazil
States of Zealand States of States of
America America America
Annual (Jan/Dec) ......................................................................................... (USD per tonne) .........................................................................................
2012 4 176 5 885 4 765 4 656 4 486 2 952 2 700 2 233 1 228 1 889
2013 4 009 6 314 4 527 4 130 4 132 2 981 2 797 2 311 1 229 1 972
2014 5 016 7 361 4 712 4 701 4 686 3 233 3 411 2 106 1 205 1 886
2015 4 699 7 195 4 320 3 643 4 042 2 669 2 482 1 582 1 002 1 604
2016 4 171 6 390 4 053 3 578 3 978 2 648 2 129 1 682 914 1 501
2017 4 463 6 676 4 196 4 488 4 710 2 687 2 475 1 871 1 000 1 631
2018 4 198 7 118 4 045 5 244 4 979 2 587 1 959 1 728 970 1 537
2019 4 873 7 119 4 119 5 127 5 097 2 626 2 245 1 989 972 1 618
2020 4 676 6 898 4 336 4 561 5 071 2 569 2 370 1 834 962 1 407
2021 5 544 8 313 5 032 5 643 5 898 2 756 2 432 1 655 1 164 1 626
2022 5 795 8 853 5 905 5 616 5 151 2 852 2 363 1 979 1 338 1 985
Monthly
2022-May 6 133 9 102 6 452 5 354 5 499 2 874 2 392 2 000 1 354 2 070
2022-June 5 907 9 043 6 825 5 560 5 439 2 953 2 430 2 008 1 507 2 180
2022-July 5 660 8 761 6 549 5 657 5 159 3 061 2 381 1 961 1 472 2 192
2022-August 5 494 8 622 6 133 5 844 4 824 2 976 2 386 2 071 1 466 2 074
2022-September 5 401 8 497 6 001 5 643 4 612 3 036 2 451 2 142 1 406 2 057
2022-October 5 301 8 165 5 847 5 389 4 412 2 982 2 473 2 005 1 306 2 057
2022-November 5 180 8 038 5 227 5 493 4 447 2 976 2 558 2 053 1 234 2 041
2022-December 4 892 7 779 4 951 5 880 4 644 2 820 2 555 2 208 1 202 2 000
2023-January 4 866 7 767 4 843 5 903 4 764 2 699 2 475 2 261 1 151 1 983
2023-February 4 994 8 103 4 855 5 988 5 542 2 709 2 465 2 491 1 179 1 884
2023-March 5 409 8 351 4 813 5 966 4 188 2 780 2 432 2 568 1 213 1 851
2023-April 5 556 8 470 4 787 6 038 4 268 2 792 2 533 2 666 1 232 1 887
2023-May 5 352 8 569 5 082 6 108 4 069 2 810 2 585 2 652 1 249 1 944
Notes:
Bovine meat prices:

Australia: Cow 90CL export prices to the USA (FAS)
United States of America: Meat of bovine (fresh, chilled or frozen), export unit value
Brazil: Meat of bovine (fresh, chilled or frozen), export unit value
Ovine meat prices:

New Zealand: Medium trade lamb 17.5kg
Australia: Medium trade lamb 18-20kg
Pig meat prices:

United States of America: Meat of Swine (fresh, chilled or frozen), export unit value
Brazil: Meat of Swine (fresh, chilled or frozen), export unit value
Germany: Monthly market price for pig carcase grade E
Poultry meat prices:

United States of America: Chicken Cuts and Edible Offal (fresh, chilled or frozen), export unit value
Brazil: Meat and Edible Offal of Poultry (fresh, chilled or frozen), export unit value
Prices for the two most recent months may be estimates and subject to revision.
FOOD OUTLOOK
JUNE 2023
129
APPENDIX TABLE 28: SELECTED INTERNATIONAL MEAT PRICES AND FAO
MEAT PRICE INDICES

FAO indices
Period Total meat Poultry meat Pig meat Bovine meat Ovine meat
Annual (Jan/Dec) .............................................................................. (2014-2016=100) .........................................................................
2012 105 115 111 93 111

2013 106 118 113 93 101
2014 112 114 117 17 114
2015 97 96 92 102 94
2016 91 90 92 91 92
2017 98 98 98 96 112
2018 95 93 91 96 124
2019 100 96 98 101 124
2020 96 87 94 100 117
2021 108 102 94 118 141
2022 119 122 102 128 131
Monthly
2022-May 123 126 103 136 132
2022-June 126 135 105 136 134
2022-July 124 134 106 131 132
2022-August 121 129 106 126 130
2022-September 120 127 109 124 125
2022-October 117 124 106 121 119
2022-November 115 122 107 115 121
2022-December 112 119 107 110 128
2023-January 111 117 106 109 130
2023-February 113 113 110 112 140
2023-March 115 113 113 116 123
2023-April 117 115 115 118 125
2023-May 118 118 116 119 124
Notes:
The FAO Meat Price Indices consist of 2 poultry meat product quotations (the average weighted by assumed fixed trade weights), 3 bovine meat product quotations
(average weighted by assumed fixed trade weights), 3 pig meat product quotations (average weighted by assumed fixed trade weights), 2 ovine meat product
quotation (average weighted by assumed fixed trade weights): the four meat group average prices are weighted by world average export trade shares for 2014/2016.
Prices for the two most recent months may be estimates and subject to revision.
FOOD OUTLOOK
130 JUNE 2023
APPENDIX TABLE 29: FISH PRICE INDICES
Period Total Whitefish Salmon Shrimp Pelagic Tuna
excl. tuna
Annual (Jan/Dec) .................................................................. (2014-2016=100) ..................................................................
2012 97 111 78 87 115 119

2013 104 104 99 99 107 119
2014 107 105 102 113 100 108
2015 92 97 84 92 99 91
2016 102 97 114 94 101 101
2017 106 108 117 96 92 112
2018 106 118 119 88 96 105
2019 102 121 108 86 92 100
2020 95 107 97 86 92 93
2021 102 116 109 92 99 87
2022 121 156 134 93 107 102
Monthly
2021 - January 96 117 90 84 93 94
2021 - February 96 115 96 84 94 89
2021 - March 101 111 115 84 94 92
2021 - April 102 112 120 86 90 90
2021 - May 107 120 128 90 104 84
2021 - June 105 124 112 90 118 80
2021 - July 103 113 112 94 109 81
2021 - August 100 111 102 95 107 83
2021 - September 99 114 98 96 98 86
2021 - October 103 116 108 97 94 87
2021 - November 102 117 105 98 96 84
2021 - December 108 122 119 98 96 93
2022 - January 111 119 127 97 101 106
2022 - February 117 125 146 97 91 106
2022 - March 128 177 147 97 93 97
2022 - April 134 178 170 97 100 93
2022 - May 132 167 163 96 112 101
2022 - June 135 185 158 95 119 99
2022 - July 121 162 135 95 99 94
2022 - August 119 160 116 93 125 104
2022 - September 109 153 98 90 96 105
2022 - October 119 151 107 90 162 114
2022 - November 111 151 112 86 93 101
2022 - December 114 149 128 84 92 106
2023 - January 122 135 148 84 97 141
2023 - February 129 166 156 82 100 130
2023 - March 132 155 180 82 97 126
2023 - April 130 156 171 78 101 130
Source of the raw data for the FAO Fish Price Index: EUMOFA, INFOFISH, INFOPESCA, INFOYU, Statistics Norway.
FOOD OUTLOOK
JUNE 2023
131
APPENDIX TABLE 30: SELECTED INTERNATIONAL COMMODITY PRICES
Currency and unit Effective date Latest quotation One month ago One year ago Average
2018-2022
Sugar (ISA daily price) US cents per lb 30-05-23 25.01 26.45 19.45 14.84
Coffee (ICO daily price) US cents per lb 30-05-23 169.87 176.00 193.71 131.88
Cocoa (ICCO daily price) US cents per lb 26-05-23 133.33 128.92 107.35 107.06
Tea (FAO Tea Composite Price) USD per kg 28-04-23 2.64 2.73 2.83 2.58
Cotton (COTLOOK A index) US cents per lb 31-05-23 94.05 95.16 163.75 94.46
Jute “BTD” USD per tonne 31-05-23 920.00 950.00 1120.00 1031.92
(Fob Bangladesh Port)
FOOD OUTLOOK
132 JUNE 2023
FOOD OUTLOOK
JUNE 2023
133
134
M
INI AR
DC KE
AT T
OR
S
Futures markets
Market indicators
Alexis Poullain
PRICES which has ensured a consistent flow of Ukrainian wheat

and maize to export markets since July 2022. The BSGI has
Futures prices of grains and soybeans have been in retreat further contributed to the availability of ample volumes
since the beginning of 2023, indicating a significant easing of competitively-priced old-crop wheat from the Russian
of tensions in the wheat, maize and soybean markets. Federation and other Black Sea exporters. Meanwhile,
Notably, prices for nearby delivery of Chicago wheat have soybean prices in Chicago were trading around USD
fallen below USD 230 per tonne for the first time in over 490 per tonne, influenced by the record-setting soybean
two years. Maize prices are currently hovering around USD harvest in Brazil and the continued robust demand from
240 per tonne, lower than the levels seen in January 2022 soy crushers in Asia and in the United States of America
before the outbreak of the war in Ukraine. The downward (United Sates).
pressure on wheat and maize persists, primarily due to In addition to these factors, the overall financial market
the continuation of the Black Sea Gran Initiative (BSGI), conditions remain somewhat subdued. The prevailing
CME futures prices CME futures volumes
USD per tonne thousand contracts

700 2400
600
500
1600
400
300
800
200
100
0
0 2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
Wheat Maize Soybeans
Wheat Maize Soybeans
Historical volatility (30 days) Implied volatility
percent
120 percent
120
80
80
40 40
0 0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Wheat Maize Soybeans Wheat Maize Soybeans
FOOD OUTLOOK 135

JUNE 2023
narrative has shifted from perceiving inflation as
Market indicators
Forward curves snapshots as of

“transitory” to viewing it as “sticky,” prompting central May 2020, 2021 and 2022
banks to consider further interest rate hikes despite the
inherent risk of banking crises. At the same time, ongoing
debt negotiations in the United States and the persistent
Wheat
spectre of recession have contributed to a general climate USD per tonne
of economic uncertainty. These dynamics bolster the 1200
United States dollar index and put downward pressure on
2022
international prices of agricultural commodities.
1000
Although grain and soybean prices have retreated since
the beginning of the year, they remain at higher levels
than their respective averages of the past five years. While
800
ending stocks appear sufficient to facilitate the transition 2021
to the new crops, the delicate supply-demand balance only
allows a limited room for weather or geopolitical disrup- 600
2023
tions.
400
Jul Sep Dec Mar May Jul Sep Dec Mar May
VOLATILITY
The heightened volatility in grain and soybean prices Maize

after the start of the war in Ukraine eventually subsided.
USD per tonne
Prices realigned within their historical range and returned 800
to more stable levels, with 30-day historical volatility in
maize and soybeans below 20 percent. In the case of
wheat, historical volatility rebounded slightly in the past 700
2022
semester but remained relatively low, below 30 percent.
Nevertheless, it is worth noting that implied volatility, 600
measured by the level of option prices, exhibited bursts
during the last semester, suggesting that the current 2021
price equilibrium is highly unstable. Market participants 500
continue to factor in a risk premium due to the geopolitical

2023
tensions in the Black Sea region and the potential impact 400
of existing or likely crop damage stemming from the highly Jul Sep Dec Mar May Jul Sep Dec Mar May
likely occurrence of an El Niño event. As long as risks fail

to materialize or diminish, maize, soybean and wheat
prices and volatility will continue to trend lower, but any Soybeans
shock has the potential to revive the magnitude of price USD per tonne
changes. 1800
VOLUMES AND OPEN INTEREST

1600 2021
Despite a noticeable rebound in trade activity since the
beginning of the year, trading volumes and open inter- 2022
1400
est remained subdued for all three agricultural futures on
the Chicago Mercantile Exchange (CME) compared to the
average of the last five years. From January to April 2023, 2023
1200
trading volumes decreased by approximately 9 percent
for maize and 5 percent for wheat, while they rebounded
by 10 percent for soybeans. The decline in open interest, 1000
Jul Aug Sep Nov Jan Mar May Jul Aug Sep
representing the number of outstanding contracts, also
reflects a muted interest in grain and oilseed positioning,
136 FOOD OUTLOOK

JUNE 2022
as the cumulative open interest for wheat, maize and soy-
beans returned to levels seen in 2014. The environment of CME net-length as % of open interests
Market indicators
high working capital constraints, due to large margin calls, (Jan 2018 - May 2022)
led commercial and financial participants to reduce the
duration and size of their positions.
Trading volumes and open interest remained comparatively
Wheat
stable on Euronext, which is the European contract most percent
20
commonly considered as an adjacent benchmark for Black
Sea markets, making it well suited to hedge price risks in
10
the current context.
0
FORWARD CURVES
-10
Wheat exhibits a classic grain market configuration known

-20
as contango, where far-dated contracts reflect storage
costs and are priced higher than spot prices. The contango -30
illustrates the premium rewarded by the market for 2018 2019 2020 2021 2022
storage, as demand for the United States wheat is muted
Commercial Managed Swap
both domestically and on the international stage, thereby money dealers
increasing storage needs.
By contrast, there is a sharp inversion, or backwardation,
on the maize and soybean forward curves. Prices for Maize
percent
succeeding delivery months are lower than for nearby
20
or spot months, encouraging sellers to draw down their
stocks. This configuration reflects the local situation in 10
the United States, where, despite recent cancellations of
purchases from China, there is high replacement demand 0
from United States crushers in the context of expanding

-10
biodiesel production capacity.
-20
INVESTMENT FLOWS
-30
The overall downward trend in the agricultural commodity 2018 2019 2020 2021 2022
space has been unattractive to financial investors since the Managed Swap
Commercial
beginning of 2023. Money managers have significantly money dealers
reduced their net long position in the Chicago Board of

Trade (CBOT) maize and soybean futures, establishing their
Soybeans
least bullish stance since November 2021.
percent
The net short position of money managers in
20
CBOT wheat futures and options reached another
five-year low in May this year, reflecting their bearish 10
perspective on the market.
Although the position holdings of financial investors are 0
at a low ebb, the notion that they are to blame for the
-10
recent price shock has returned to the forefront. Recent
initiatives, particularly in the European Union, for additional -20
regulations to govern commodity derivatives market
participants are worth monitoring. -30
2018 2019 2020 2021 2022
Commercial Managed Swap

money dealers
FOOD OUTLOOK 137

JUNE 2023
Ocean freight rates
Market indicators
International Grains Council (IGC)
OCEAN FREIGHT MARKET Volatility in Baltic Dry Index (HV20)

(NOV 2022 – MAY 2023) 24 May 2022 - 24 May 2023
Lingering uncertainty about global economic prospects HV20 (%)

amid high inflationary pressures in many countries, coupled 120
with the ongoing war in Ukraine, have impacted the dry

100
bulk freight complex during the past six months. The
period featured two-sided trends in timecharter rates as 80
demonstrated by the benchmark Baltic Dry Index (BDI).
60
With generally lacklustre charterer interest, compounded
by a holiday-related slowdown in activity, the composite 40
indicator initially receded to levels last seen during the
20
onset of the COVID-19 pandemic in early 2020. Markets
rebounded strongly in mid-February, boosted by an 0
M J J A S O N D J F M A M
improved economic outlook for China – the world’s key 2022 2023
importer of dry bulk products – and by prospects of record Volatility 5-year ave 5-year range
maize and soybean crops in Brazil, a major exporter.

Note: Historical volatility, as measured by the standard deviation (%) of daily
However, the upswing had stalled by mid-March amid quotation movements over a 20-day window (HV20).
broad-based recessionary fears, with the BDI in late May Sources: Baltic Exchange, IGC calculations.
only modestly higher than six months ago. Notably, the
uptick masked mixed changes across vessel segments as compared to the same period last year – a potentially
a sizable increase in average Capesize rates contrasted bearish market development. Nonetheless, some market
with moderate losses in the grains- and oilseeds-carrying participants pointed to a likely upside for freight rates in
segments. Despite divergent trends, vessel earnings across the medium-term, as new emissions-related requirements,
all bulker sizes were assessed to be sharply lower year-on- which formally entered into force on 1 January 2023,
year, while the BDI was less than one-half of its level in are expected to tighten vessel supply and lead to slower
the previous year. bulker speeds, while also giving rise to additional
On the vessel supply side, observers noted a larger net compliance costs.
expansion of the dry bulk fleet in the first quarter of 2023 In recent logistics-related developments, Brazil was
faced with increased pressure on inland and port logistics
Summary of dry bulk freight markets during the soybean harvest in early 2023, which was
compounded by rain-related shipping delays. Some
24 May Changes bottlenecks were also reported for imports at Chinese
2023 ports as the country ramped up cargo inspections.
6 months y/y In other regions, challenging logistics in the Black Sea
% were reportedly exacerbated after the turn of the year, as
Baltic Dry Index (BDI)* 1295 + 4% - 60% the move by some reinsurers to limit their coverage for
Sub-indices: dispatches out of the Russian Federation and Ukraine led
Capesize 1930 + 39% - 55% to a sharp rise in insurance premiums.
Panamax 1184 - 19% - 64% The cost of voyages across the key grains and oilseeds
Supramax 1014 - 14% - 64% routes (including marine fuel and other related charges)
Baltic Handysize Index
have eased since late November, as evidenced by a net
(BHSI)** 600 - 20% - 64% 11 percent drop in the International Grains Council (IGC)’s
IGC Grains and Oilseeds Grains and Oilseeds Freight Index (GOFI), which tracks
Freight Index (GOFI)*** 132 - 11% - 44% nominal freight rates across seven main origins.
Source: Baltic Exchange, IGC. * 4 January 1985 = 1000. ** 23 May The Capesize sector was typically volatile during the
2006 = 1000. *** 1 January 2013 = 100. past six months. With ongoing demand seen as insufficient
138 FOOD OUTLOOK

JUNE 2022
BDI and IGC GOFI Baltic Capesize Index
24 May 2022– 24 May 2023 24 May 2022– 24 May 2023
Market indicators
Rebased, 24 May 2022 = 100
Rebased, 24 May 2022 = 100
120
125
100
100
80
60 75
40
50
20
25
0
M J J A S O N D J F M A M
2022 2023 0
BDI IGC GOFI M J J A S O N D J F M A M
2022 2023
Note: IGC Grains and Oilseeds Freight Index, constructed based on nominal Source: Baltic Exchange
freight rates on major grains/oilseeds routes using trade-weighted approach.
Source: Baltic Exchange, IGC
Recent trade statistics for China indicate mixed trends
to absorb available tonnage, vessel earnings extended late across various commodities: while data for April showed
2022 weakness into the new calendar year, but the market a year-on-year upturn in coal arrivals, soybean deliveries
rallied in February, however, as news of the relaxation of over the same period fell short of expectations, estimated
COVID-19-related restrictions in China prompted hopes for to be 10 percent lower year-on-year, with customs-related
a recovery in demand for heavy raw materials, including delays and increased port inspections cited as the main
iron ore. Additionally, the removal of limitations on coal reasons for the drop.
shipments from Australia to China was expected to Grains and oilseeds-related developments across the
generate additional demand for bulk carriers. Atlantic Basin have been mixed since the turn of the
While fresh business out of the northern Atlantic also year as traders experienced a drop in grains and oilseeds
proved supportive of freight rates, movements in the trading out of Argentina amid weather-induced production
Capesize sub-Index have been somewhat choppy since losses while strong grains and soyabean dispatches were
mid-March, as a ramping up of activity in China fell short reported from Brazil – the latter underpinned by a record
of expectations, with reports of mounting domestic steel domestic harvest. Operators also noted some rain-related
stockpiles and increasing port inventories of iron ore shipping delays from Brazil during the early stages of the
in the first quarter of the year termed bearish for the
Grains and oilseeds carrying sectors: Panamax and
largest carriers. This was paired with mid-April reports of
Supramax sub-Indices and Handysize Index
the cyclone-induced closure of Australia’s Hedland Port 24 May 2022– 24 May 2023
– the world’s largest iron ore export hub. Nevertheless,
Rebased, 24 May 2022 = 100
a continued upturn in coal and iron ore shipments from
120
Australia was noted in recent weeks, coupled with new
deals for shipments from Brazil and West Africa. 100
Panamax rates have declined by around one-fifth since
late November. Similar to the Capesize segment, average 80
sector earnings experienced losses through February 2023
as a result of lacklustre demand for minerals in the Atlantic. 60
Buoyant trading in the Pacific, including coal-related
business out of Indonesia, aided a subsequent market 40
reversal, with strong demand for grains dispatches from
Australia playing an important supportive role, although 20
MJ J A S O N D J F M A M
the pace of shipments has reportedly slowed in recent 2022 2023
weeks as Asian importers eyed declining offers in the Handysize Panamax Supramax
Black Sea region. Source: Baltic Exchange
FOOD OUTLOOK 139

JUNE 2023
Summary of freight rates on selected routes
harvest, with a backlog of vessels reported at the key
Market indicators
port of Paranagua. USD/t Cargo / 24 Changes

Markets for smaller bulkers also displayed two-sided Discharge May 6 y/y
trends amid variable levels of activity in the main loading 2023 months %
United States of America (Gulf) to:
areas. Subdued trading at the US Gulf weighed on
Supramax rates at times, as did variable demand in the China (Dalian) 66 000 / 8 000 46 -8 -41
Black Sea region, but there was brisker activity out of the European Union (Rotterdam) 66 000 / 10 000 22 -15 -49
Pacific, which buoyed voyage rates on grains and oilseeds Japan (Yokohama) 66 000 / 8 000 44 -8 -41
Canada (St. Lawrence) to:
routes in the US Pacific Northwest and Australia. Values
China (Dalian) 66 000 / 8 000 44 -8 -42
also drew support from brisk Indonesian coal loadings,
European Union (Rotterdam) 66 000 / 10 000 15 -17 -52
notably for China and India, although mining operations
Japan (Yokohama) 66 000 / 8 000 42 -8 -42
and inland transportation in Indonesia were reportedly
Argentina (Up river) to:
interrupted by recent heavy rains and landslides. Net
Algeria (Belaja) 25 500 / 2 500 39 -19 -48
declines in Handysize freight rates were largely tied to
Egypt (Alexandria) 49 000 / 6 000 34 -15 -46
limited activity in Europe and the Mediterranean – the key
regions for this vessel size.
Brazil (Santos) to:
China (Dalian) 66 000 / 8 000 41 -9 -45
Republic of Korea (Inchon) 66 000 / 7 250 40 -9 -45
European Union (France, Rouen) to:
Algeria (Belaja) 25 500 / 2 500 20 -12 -47
Morocco (Casablanca) 25 500 / 3 000 18 -11 -46
Russian Federation (Novorossiysk) to:
Morocco (Casablanca) 25 500 / 3 000 22 -15 -51
Tunisia (Bizerte) 25 500 / 2 500 19 -16 -52
Australia (Kwinana) to:
China (Dalian) 66 000 / 8 000 18 -13 -55
Indonesia (Jakarta) 49 000 / 8 000 15 -6 -58
Republic of Korea (Inchon) 66 000 / 7 250 17 -13 -57
Note: Nominal ocean freight rates for HSS (heavy grains, soyabeans, sorghum)
cargoes. Values do not represent market fixtures.
Source: IGC
140 FOOD OUTLOOK

JUNE 2022
Global food import bill
Market indicators
Josef Schmidhuber and bills contract by 1.5 percent and 4.9 percent, respectively.
Bing Qiao The decline in food import volumes is a concerning
development in both groups, suggesting a decline in
A new record high, but also a marked purchasing capacity. These concerns are amplified by the
slowdown in growth is expected for 2023. fact that lower international prices for a number of primary
food items have not, or at least not fully, translated into
The global food import bill (FIB) is forecast to reach USD lower prices at the domestic retail level, suggesting that
1.98 trillion in 2023, representing a 1.5 percent or USD 28.9 cost-of-living pressures could persist in 2023.
billion increase over the previous record, which was attained Turning to related policy measures, pressures on the
in 2022. While marking a new absolute high, the speed of most vulnerable countries have been mitigated by targeted
expansion is anticipated to slow down significantly relative to support instruments, notably the “Food Shock Window” of
2022 and 2021, when growth rates reached 11 percent and the International Monetary Fund (IMF). This programme was
18 percent, respectively (Figure 1, Table 1). initiated by FAO’s proposal for a Food Import Financing Facility
From a food group perspective, the divergent trends (FIFF) in April 2022. Countries benefiting from the Food Shock
observed in 2022 are expected to persist in 2023. Overall, Window include, inter alia, Haiti (USD 105 million), Guinea
high-income countries (HICs) are anticipated to import a (USD 71 million), South Sudan (USD 113 million) and Malawi
wide spectrum of food products, whereas upper-middle (USD 88 million).
income countries (UMICs), lower-middle income countries
(LMICs) and low-income countries (LICs) will focus their
imports on staple foods.
A combination of price and volume effects is

expected to drive the FIBs in 2023
Disaggregating FIBs to ascertain the price and volume

effects of changes in expenditures at the global level and
across all products, the anticipated increase in the 2023 bills
reflects a combination of both, with an additional USD 18.4
billion stemming from higher international prices and USD
12.9 billion from higher volumes1 (Table 2). For fruits and
vegetables, cereals2, sugar and dairy products, the increase
will primarily be price-driven, while growth in oilseeds is
expected to be mostly volume-driven. For vegetable oils,
higher volumes are more than offset by a negative price
effect, resulting in an overall decline in their global FIB.
Vulnerable countries are likely to see

contractions in their food imports
Disaggregating the global FIB by country groups suggests

that the more vulnerable groups, notably the least-
developed countries (LDCs) and the net food-importing
developing countries (NFIDCs), will see their food import
1
There is a negative “mixed effect” of USD 2.4 billion in the overall change in
the global FIB. This explains the difference between the overall increase in the
global FIB of USD 28.9 billion and the sum of the price and quantity effect of
USD 18.4 billion plus USD 12.9 billion.
2
The positive price effect for cereal imports in 2023 is driven by higher
international rice prices, already experienced and further anticipated for 2023.
FOOD OUTLOOK 141

JUNE 2023
Figure 1. Changes in the world food import bill by food group
Market indicators
Change 2022/2021 Change 2023/2022
Fruits and vegetables
Sugar, honey and preparations
Oilseeds and oleaginous fruits
Miscellaneous food
Meat and meat preparations
Fish, crustaceans, and molluscs
Dairy products and eggs

Coffee, tea, cocoa, spices, and products
Cereals and cereal preparations
Beverages
Animal and vegetable oils, fats
-20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0

USD billion
Note: Forecasts are based on data from January 2023 to February 2023
Source: FAO (EST) and Trade Data Monitor (TDM), authors’ calculations
Figure 2. How accurate were our forecasts for 2022?
How accurate were our forecasts for 2022?

Global food import bills, projections for 2022 based on data up to August 2022
vs actual 2022 imports
Actual data Projections
Fruits and vegetables
Sugar, honey and preparations
Oilseeds and oleaginous fruits
Miscellaneous food
Meat and meat preparations
Fish, crustaceans, and molluscs
Dairy products and eggs
Coffee, tea, cocoa, spices, and products
Cereals and cereal preparations
Beverages
Animal and vegetable oils, fats
0 50 100 150 200 250 300

USD billions
142 FOOD OUTLOOK

JUNE 2022
Table 1. Import bills of total food and food products by region (USD billion)
Market indicators
World LDCs NFIDCs SSA
2020 2021 2022 2023* 2020 2021 2022 2023* 2020 2021 2022 2023* 2020 2021 2022 2023*
Animal and vegetable oils, fats 103.0 150.1 180.4 170.0 5.8 8.1 8.6 7.7 12.6 18.8 21.5 17.5 6.1 8.0 9.3 6.7
Beverages 113.3 133.8 140.0 141.2 1.7 1.7 1.8 1.7 3.1 4.0 4.6 4.6 2.1 2.8 3.1 3.2
Cereals and cereal preparations 207.2 255.5 307.0 319.2 13.1 16.8 19.7 20.6 35.0 41.2 53.3 49.5 17.0 19.5 21.8 21.5
Coffee, tea, cocoa, spices, and products 112.5 125.5 138.3 139.2 1.2 1.5 1.7 1.5 4.8 5.4 6.0 5.8 1.5 1.7 1.7 1.7
Dairy products and eggs 95.7 107.9 123.0 129.6 1.6 1.9 2.1 1.9 5.6 6.1 7.1 6.9 2.3 2.6 2.8 2.7
Fish, crustaceans, and molluscs 151.9 175.9 193.6 187.5 1.1 1.4 1.5 1.5 5.0 5.2 5.5 5.6 3.7 4.5 4.7 4.8
Meat and meat preparations 159.7 177.0 193.6 190.5 1.6 2.3 2.9 3.1 6.6 6.6 7.8 7.6 2.7 3.2 3.3 3.2
Miscellaneous food 103.9 115.3 124.7 129.8 3.5 4.0 4.1 4.1 7.7 8.8 9.7 9.7 4.2 4.9 5.0 5.0
Oilseeds and oleaginous fruits 102.5 134.0 151.3 161.8 0.6 1.8 2.0 1.5 7.5 10.2 9.8 9.7 0.2 0.3 0.3 0.3
Sugar, honey and preparations 49.5 56.8 66.9 72.0 3.6 4.3 5.0 4.8 6.5 8.0 9.0 9.7 3.7 4.3 4.3 4.5
Fruits and vegetables 294.9 323.2 335.5 342.2 4.0 4.4 4.8 5.0 11.0 11.9 12.8 13.2 2.9 3.1 3.3 3.2
Total 1 494.1 1 755.0 1 954.2 1 983.2 37.9 48.3 54.1 53.3 105.4 126.4 147.1 139.9 46.4 54.9 59.7 56.9
HIC UMIC LMIC LIC
2020 2021 2022 2023* 2020 2021 2022 2023* 2020 2021 2022 2023* 2020 2021 2022 2023*
Animal and vegetable oils, fats 50.8 69.7 90.3 88.1 24.8 35.6 37.7 35.0 25.2 41.3 48.6 43.7 2.2 3.5 3.8 3.2
Beverages 91.7 106.6 111.6 111.5 16.2 20.3 20.4 21.5 4.7 6.0 6.9 7.2 0.6 0.9 1.1 1.0
Cereals and cereal preparations 104.0 118.9 147.1 155.5 45.6 67.0 73.6 81.2 51.0 60.9 76.9 72.3 6.7 8.7 9.4 10.2
Coffee, tea, cocoa, spices, and products 86.4 95.0 106.4 105.6 16.0 18.8 18.9 20.1 9.4 10.9 12.2 12.6 0.6 0.8 0.8 0.9
Dairy products and eggs 65.3 72.2 84.5 91.1 20.4 24.2 24.6 25.3 9.2 10.5 12.8 12.2 0.8 1.0 1.1 1.0
Fish, crustaceans, and molluscs 115.9 134.6 145.2 139.1 27.2 31.0 37.7 37.5 8.0 9.3 9.5 9.7 0.8 1.0 1.1 1.1
Meat and meat preparations 106.4 117.2 130.7 127.5 44.4 49.0 50.0 51.6 8.1 9.6 11.7 10.3 0.9 1.1 1.2 1.2
Miscellaneous food 65.4 72.4 78.5 82.1 25.8 27.9 30.1 32.0 10.9 12.6 13.8 13.4 1.9 2.4 2.3 2.4
Oilseeds and oleaginous fruits 31.0 38.9 47.7 48.4 58.0 77.1 84.9 95.0 13.4 17.8 18.5 18.3 0.0 0.2 0.2 0.1
Sugar, honey and preparations 27.0 30.6 35.8 40.4 9.2 10.6 13.2 13.4 11.7 13.1 15.9 15.6 1.6 2.4 2.1 2.6
Fruits and vegetables 217.3 232.7 238.6 243.6 49.7 58.3 62.7 65.2 26.2 30.3 32.1 31.2 1.6 1.9 2.1 2.3
Total 961.2 1 088.9 1 216.5 1 232.9 337.4 420.0 453.9 477.8 177.9 222.3 258.9 246.6 17.6 23.9 25.0 25.9
Note: Forecasts are based on data from January 2023 to Feb 2023
Table 2. Decomposition of changes in food product bills for global aggregates, 2023 over 2022
World LDCs NFIDCs SSA
Price Volume Mixed Observed Price Volume Mixed Observed Price Volume Mixed Observed Price Volume Mixed Observed
Food group
effect effect effect change effect effect effect change effect effect effect change effect effect effect change
<------------ USD billion------------>

Animal and vegetable oils, fats -19.3 10.6 -1.7 -10.4 -1.2 0.4 -0.1 -0.9 -3.9 0.0 -0.1 -4.0 -1.7 -1.1 0.2 -2.6
Beverages 1.2 0.1 0.0 1.2 0.0 -0.1 0.0 -0.1 0.1 -0.1 0.0 0.0 0.1 0.0 0.0 0.1
Cereals and cereal preparations 11.4 0.9 -0.1 12.2 0.1 0.7 0.0 0.9 -1.2 -2.6 0.0 -3.8 -0.3 0.0 0.0 -0.3
Coffee, tea, cocoa, spices, and products 2.0 -1.0 -0.1 0.9 0.0 -0.3 0.0 -0.2 0.0 -0.1 -0.1 -0.2 0.0 -0.1 0.0 -0.1
Dairy products and eggs 4.5 2.2 0.0 6.6 -0.1 -0.2 0.0 -0.2 0.0 -0.2 0.0 -0.2 -0.1 0.0 0.0 0.0
Fish, crustaceans, and molluscs -1.2 -4.7 -0.2 -6.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1
Meat and meat preparations -3.5 0.4 0.0 -3.1 0.0 0.2 0.0 0.1 -0.5 0.4 0.0 -0.2 -0.1 0.1 0.0 0.0
Miscellaneous food 5.6 -0.4 -0.1 5.1 0.0 0.0 0.0 0.0 0.3 -0.3 0.0 0.0 0.1 -0.1 0.0 0.0
Oilseeds and oleaginous fruits -0.3 10.7 0.0 10.5 0.0 -0.3 -0.1 -0.4 0.1 -0.2 -0.1 -0.1 0.0 0.0 0.0 0.0
Sugar, honey and preparations 5.2 0.0 0.0 5.1 0.3 -0.5 0.0 -0.1 0.4 0.3 0.0 0.7 0.1 0.1 0.0 0.2
Fruits and vegetables 12.9 -5.9 -0.2 6.7 0.1 0.1 0.0 0.2 0.5 0.0 0.0 0.4 0.2 -0.2 0.0 -0.1
Total 18.4 12.9 -2.4 28.9 -0.7 0.1 -0.2 -0.8 -4.2 -2.8 -0.2 -7.2 -1.7 -1.2 0.1 -2.7
HIC UMIC LMIC LIC
Price Volume Mixed Observed Price Volume Mixed Observed Price Volume Mixed Observed Price Volume Mixed Observed
Food group
effect effect effect change effect effect effect change effect effect effect change effect effect effect change
<------------ USD billion ------------>

Animal and vegetable oils, fats -7.6 6.0 -0.6 -2.2 -4.4 2.2 -0.5 -2.7 -6.8 2.6 -0.7 -4.9 -0.6 0.0 0.0 -0.6
Beverages 0.9 -1.0 0.0 -0.2 0.3 0.8 0.0 1.1 0.0 0.3 0.0 0.3 0.0 -0.1 0.0 -0.1
Cereals and cereal preparations 9.4 -0.9 -0.1 8.4 3.9 3.7 0.1 7.6 -1.8 -2.9 0.0 -4.6 -0.2 1.0 0.1 0.8
Coffee, tea, cocoa, spices, and products 1.2 -1.9 -0.1 -0.7 0.4 0.7 0.0 1.2 0.4 0.1 0.0 0.5 0.0 0.0 0.0 0.0
Dairy products and eggs 4.5 2.0 0.1 6.6 0.2 0.6 -0.1 0.7 -0.3 -0.3 0.0 -0.6 0.0 -0.1 0.0 -0.1
Fish, crustaceans, and molluscs -0.3 -5.7 -0.1 -6.1 -0.6 0.5 -0.2 -0.2 -0.1 0.3 0.0 0.2 0.0 0.1 0.0 0.1
Meat and meat preparations -1.7 -1.6 0.0 -3.2 -1.5 3.2 0.0 1.6 -0.4 -1.1 0.0 -1.4 0.0 0.0 0.0 -0.1
Miscellaneous food 4.3 -0.7 -0.1 3.6 1.0 0.9 0.0 1.9 0.2 -0.6 0.0 -0.4 0.1 0.0 0.0 0.1
Oilseeds and oleaginous fruits -0.2 0.9 0.0 0.7 0.2 9.7 0.1 10.1 -0.3 0.1 -0.1 -0.3 0.0 0.0 0.0 0.0
Sugar, honey and preparations 4.4 0.2 0.0 4.6 0.6 -0.4 0.0 0.2 0.0 -0.2 0.0 -0.3 0.2 0.4 0.0 0.6
Fruits and vegetables 12.3 -7.0 -0.4 4.9 1.0 1.4 0.1 2.4 -0.5 -0.4 0.0 -0.9 0.1 0.1 0.0 0.2
Total 27.3 -9.7 -1.2 16.4 1.1 23.3 -0.4 23.9 -9.5 -1.9 -0.9 -12.3 -0.4 1.2 0.1 0.9
Note: Forecasts are based on data from January 2023 to Feb 2023
FOOD OUTLOOK 143

JUNE 2023
Food price indices
Market indicators
The FAO Global Food Consumption Price The FAO Global Food Consumption and
Indices1 Food Price Indices (Jan 2020 – Apr 2023)
The FAO Global Food Consumption Price Indices

2014-2016=100
(FGFCPIs)2 track monthly changes in the international prices
160
of a basket of food commodities. The FGFCPIs include the
five food commodity groups that comprise the FAO Food 150
Price Index (FFPI) as well as oilseeds and fish among their 140
components. Aside from a broader commodity coverage, the
130
FGFCPIs differ from the FFPI in that they weigh the individual
commodity groups that compose them by their respective 120
contributions to average global caloric intake (Calorie-base
110
FGFCPI) or to average protein uptake (Protein-base FGFCPI)
during the 2014–2016 base period. These weights are derived 100
from the FAO food balance sheets (FBS) (http://www.fao.org/ 90

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
faostat/en/#data/FBS).
2020 2021 2022 2023
FAO Food FGFCPI - Calorie FGFCPI - Protein
The Protein-base FGFCPI averaged 126.8 points in April Price Index
2023, down 5.9 percent from its September 2022 level and
essentially in line with the April 2023 average of the FFPI. The
decline of the Protein-base FGFCPI since September has been of international rice quotations has been more visible in the
spearheaded by faltering wheat and dairy product quotations, Calorie-base FGFCPI relative to its sister indices. Sugar, which
which shed 15.3 and 14.1 percent of their respective values does not constitute a source of protein and has its weight – like
over this period. Nonetheless, quotations of most commodities that of rice – eclipsed by those of higher-valued commodities
encompassed by the Protein-base FGFCPI have tended to ease, such as meat and dairy products in the FFPI, has also contrib-
with the notable exception of rice and fish prices, which have uted to the greater tenacity of the Calorie-base FGFCPI. Indeed,
strengthened by 12.1 and 18.6 percent, respectively, since sugar prices have registered particularly pronounced increases
September. These tendencies put the April 2023 value of the in recent months, in April 2023 positioned them as much as
Protein-base FGFCPI 14.3 percent below its near-record level 36.2 percent above their September 2022 levels.
of April 2022, but still 24.3 percent above its value in January
2020.
Recent developments in international food
The Calorie-base FGFCPI has also eased since September prices
2022, driven primarily by the 15 percent decline that inter-
national wheat and vegetable oil prices have both registered The FAO Food Price Index3 (FFPI) averaged 124.3 points
since that time. However, the Calorie-base FGFCPI has
in May 2023, down 3.4 points (2.6 percent) from April and
exhibited more resistance to downward pressure than the
as much as 21.3 percent below its corresponding value a
Protein-base FGFCPI and the FFPI. In April 2023, it averaged
year ago. After reaching an all-time high value in March
130.9 points, down just 3.2 percent from its September 2022
2022, the FFPI had fallen 35.4 points (21.3 percent) by
level and still 29.2 percent above its value at the start of 2020.
This relative resilience has largely to do with the weights of May this year, reflecting steep declines in the international
the components of the various indices. Among the various prices of vegetable oils and grains and a moderate drop in
commodities covered by the indices, although wheat and meat prices. Meanwhile, world sugar prices continued their
meat overshadow rice in terms of their importance as a global upward trajectory starting in November last year.
source of protein, rice makes the largest single contribution to
world energy consumption, contributing nearly a quarter of The FAO Vegetable Oil Price Index has been in decline
global calories during 2014–2016. Hence, the recent strength almost without interruption since reaching a historic high in
1
All changes referred to in this section, in absolute or percentage terms, are calculated based on unrounded figures.
2
The FAO Global Food Consumption Price Indices are published twice a year in Food Outlook.
3
The FAO food price index and its sub-indices are updated on a monthly basis and are available on: http://www.fao.org/worldfoodsituation
144 FOOD OUTLOOK

JUNE 2022
March 2022, mainly due to a marked fall in international palm 42 percent from their levels a year ago, depending on the type
Market indicators
oil prices caused by relaxed export restrictions by Indonesia that and origin of the wheat. The plentiful global supply forecast
increased export availabilities, combined with a weak global in 2023/24, together with fewer trade disruptions and robust
demand amid substantially higher import costs, including for competition among exporters, has also lowered wheat futures
transportation and insurance. World rapeseed and sunflower prices, indicating the continuation of a softer market tone in
oil prices also dropped, underpinned by abundant global global wheat markets.
supplies, benefiting from the Black Sea Grain Initiative (BSGI),
which has allowed Ukraine to resume most of its shipments International prices of coarse grains have also declined
from three Black Sea ports. As for soyoil, notwithstanding to their pre-2022 levels. International maize export prices in
persistent and robust demand from the United States of early June 2023 were down by 18 to 25 percent compared
America in support of its biodiesel production, international to their values one year ago. International coarse grain
prices declined, mainly weighed down by increased prices fell quickly with the reopening of Ukraine’s Black
competition from other oils resulting in a sluggish global Sea ports under the Black Sea Grain Initiative (BSGI) in July
import demand. Lower crude oil prices also contributed to the 2022, before remaining generally stable for the remainder of
downward pressure by reducing the demand for vegetable oils 2022. International coarse grain prices began to ease again
as a feedstock to produce biofuels. in early 2023 due to the start of maize harvests in South
America, including expectations of a second record output
The FAO Cereal Price Index trended downward since in Brazil and a rebound in production in the United States
reaching its all-time high in May 2022, with the exception of following a reduced output last year. The expectations for
a few short-lived month-on-month increases. International increased export availabilities in the 2023/24 seasons are
wheat prices have generally decreased since surging to near- also behind a 12 percent fall in maize futures prices between
record levels in May 2022, driven by improved supply prospects January and May 2023.
globally and the implementation of the BSGI in July 2022,
which has allowed Ukraine to export grains from its Black By contrast, after increasing for the greater part of 2022,
Sea ports. Since the start of 2023, ample supplies and strong international rice prices have remained on an upward trajectory
competition among exporters, including the Russian Federation this year. The FAO All Rice Price Index averaged 127.8
and Australia, underpinned the downward trend in world points in May 2023, up 17.0 percent from its value a year
wheat prices. As of the first week of June 2023, international earlier and its highest level since October 2011. Indica and
wheat export prices were down by between 22 percent and Aromatic prices have spearheaded the price increases registered
FAO Food Price Index FAO Food Commodity Price Indices

2014-2016 =100 2014-2016=100
160 230
Vegetable
oils
145
2022 195
130
Sugar
2023 2021 160
Cereals
115
Dairy
2020
125
100
Meat
85 90
J F M A M J J A S O N D M J J A S O N D J F M A M
2022 2023
FOOD OUTLOOK 145

JUNE 2023
since the start of 2023, drawing support from a combination of economic prospects have compounded the price declines. By
Market indicators
demand and supply side factors. On the demand side, strong contrast, international cheese prices generally trended upward
purchases by Asian buyers, often resulting from public efforts until January 2023 –reflecting a persistent import demand,
to keep domestic prices in check and/or to reconstitute reserves while global supplies remained tight due to limited milk
have underpinned quotations. In Pakistan, in the lead up to the deliveries and solid domestic demand, especially in Western
country’s wheat harvest, local demand for rice was also strong. Europe. However, cheese prices began easing in February this
All the while, exportable availabilities tightened in some major year on increased export availabilities amidst seasonally high
suppliers, due to production disruptions in 2022/23 resulting milk production in the northern hemisphere.
from poor weather and/or hikes in production costs. In India,
where Indica white rice remained subject to a 20 percent The FAO Meat Price Index increased by 6.1 percent
export tax, consistently strong government domestic purchases between January and May 2023 due to increased prices
provided further support prices. More recently, concerns over for pig and bovine meats, with a slight increase in poultry
the potential production impacts of an anticipated El Niño meat. World pig meat prices rose the most due to growing
phenomenon have also tended to add to the price bullishness. purchases by Asian buyers amidst tight supplies stemming
However, the price firmness has not extended to all rice market from the impacts of the African swine fever virus among
segments, as both Japonica and Glutinous quotations have leading producing regions. International quotations for bovine
eased since the close of 2022. meat have also increased moderately since the beginning of
2023, reflecting increased global import demand amid limited
International sugar prices, as measured by the exportable availabilities in several major producers, despite
International Sugar Agreement’s daily prices for raw sugar, a rise in production in Oceania. Meanwhile, poultry meat
have trended upwards since the release of the last issue of the prices increased from April 2023 on rising import demand,
Food Outlook report in November 2022, underpinned mainly especially from Asia, reflecting more active food services
by a tighter global balance following reduced production sales and a better affordability of poultry meat amid tight
expectations in China, the European Union, India, Mexico domestic supplies. On the supply side, global poultry meat
and Thailand. The slow start of the 2023 harvest in Brazil due supplies remained tight due to widespread outbreaks of
to above-average rains, which also raised concerns over the highly pathogenic avian influenza virus in leading producing
production recovery rate, also sustained the pressure on sugar countries. By contrast, ovine meat prices mostly trended
prices. In addition, the overall appreciation of the Brazilian downwards, reflecting increased exportable availabilities in
real against the United States dollar since December 2022 Oceania, especially Australia, although import purchases
has restrained Brazil’s exports and contributed to the increase continued to expand.
in world sugar prices. However, the general decline in global
crude oil prices since mid-2022 encouraged a greater use of
sugarcane for sugar production, limiting the rise in sugar prices.
International dairy prices have trended downward since

reaching high levels in June 2022, principally reflecting tepid
global demand, especially for spot supplies, notwithstanding
generally tight supplies from leading global exporters.
Compared to their respective highs reached in March and April
2022, the prices of skim milk powder (SMP) declined the most,
followed by whole milk powder (WMP) and butter, primarily
driven by a sluggish global import demand, especially from
China, the world’s largest dairy importer; this was partially
compensated by increased imports by countries in the Middle
East and Southeast Asia. Market uncertainties stemming from
market lockdowns due to the COVID-19 pandemic, weaker
national currencies against the United States dollar, and bleak
4
Unlike for other commodity groups, most prices utilized in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed
and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times,
require significant revisions in the final value of the FAO Meat Price Index which could in turn influence the value of the FAO Food Price Index.
146 FOOD OUTLOOK

JUNE 2022
FAO Food Price Indices
Market indicators
Food Price Index1 Meat2 Dairy3 Cereals4 Vegetable Oils5 Sugar6
2005 67.4 71.8 77.2 60.8 64.4 61.2

2006 72.6 70.5 73.1 71.2 70.5 91.4
2007 94.3 76.9 122.4 100.9 107.3 62.4
2008 117.5 90.2 132.3 137.6 141.1 79.2
2009 91.7 81.2 91.4 97.2 94.4 112.2
2010 106.7 91.0 111.9 107.5 122.0 131.7
2011 131.9 105.3 129.9 142.2 156.5 160.9
2012 122.8 105.0 111.7 137.4 138.3 133.3
2013 120.1 106.2 140.9 129.1 119.5 109.5
2014 115.0 112.2 130.2 115.8 110.6 105.2
2015 93.0 96.7 87.1 95.9 89.9 83.2
2016 91.9 91.0 82.6 88.3 99.4 111.6
2017 98.0 97.7 108.0 91.0 101.9 99.1
2018 95.9 94.9 107.3 100.8 87.8 77.4
2019 95.1 100.0 102.8 96.6 83.2 78.6
2020 98.1 95.5 101.8 103.1 99.4 79.5
2021 125.7 107.7 119.1 131.2 164.9 109.3
2022 143.7 118.8 142.4 154.7 187.8 114.5
2022 May 158.1 122.9 144.2 173.5 229.2 120.4

June 154.7 125.9 150.2 166.3 211.8 117.3
July 140.6 124.1 146.5 147.3 168.8 112.8
August 137.6 121.1 143.4 145.6 163.3 110.5
September 136.0 120.3 142.7 147.9 152.6 109.7
October 135.4 116.8 139.3 152.3 151.3 108.6
November 134.7 114.6 137.4 150.1 154.7 114.4
December 131.8 112.4 138.2 147.3 144.6 117.2
2023 January 130.2 111.1 134.5 147.5 140.4 116.8
February 129.8 113.3 129.4 146.7 135.9 125.2
March 127.0 114.7 126.8 138.6 131.8 127.0
April 127.7 116.7 122.6 136.1 130.0 149.4
May 124.3 117.9 118.7 129.7 118.7 157.6
1 Food Price Index: Consists of the average of 5 commodity group price indices mentioned above, weighted with the average export shares of each of the groups for
2014-2016: in total 95 price quotations considered by FAO commodity specialists as representing the international prices of the food commodities are included in the
overall index. Each sub-index is a weighted average of the price relatives of the commodities included in the group, with the base period price consisting of the averages
for the years 2014-2016.
2 Meat Price Index: Based on 35 average export unit values/market prices of four meat types (bovine, pig, poultry and ovine) from 10 representative markets. Within
each meat type, export unit values/prices are weighted by the trade shares of their respective markets, while the meat types are weighted by their average global export
trade shares for 2014-2016. Quotations for the two most recent months may consist of estimates and be subject to revision..
3 Dairy Price Index: Computed using 8 price quotations of four dairy products (butter, cheese, SMP and WMP) from two representative markets. Within each dairy
product, prices are weighted by the trade shares of their respective markets, while the dairy products are weighted by their average export shares for 2014-2016.
4 Cereals Price Index: Compiled using the International Grains Council (IGC) wheat price index (an average of 10 different wheat price quotations), the IGC maize price
index (an average of 4 different maize price quotations), the IGC barley price index (an average of 5 different barley price quotations), 1 sorghum export quotation
and the FAO All Rice Price Index. The FAO All Rice Price Index is based on 21 rice export quotations, combined into four groups consisting of Indica, Aromatic, Japonica
and Glutinous rice varieties. Within each varietal group, a simple average of the relative prices of appropriate quotations is calculated; then the average relative prices
of each of the four rice varieties are combined by weighting them with their (fixed) trade shares for 2014-2016. The Cereal Price Index combines the relative prices of
sorghum, the IGC wheat, maize and barley price indices (re-based to 2014-2016) and the FAO All Rice Price Index by weighing each commodity with its average export
trade share for 2014-2016.
5 Vegetable Oils Price Index: Consists of an average of 10 different oils, weighted with average export trade shares of each oil product for 2014-2016.
6 Sugar Price Index: Index form of the International Sugar Agreement prices with 2014-2016 as the base period.
FOOD OUTLOOK 147

JUNE 2023
NEW RELEASES!
The Banana Market Review is issued The Major Tropical Fruits Review
on an annual basis to Members and issued once a year, contains information
Observers of the Sub-Group on Tropical on global trade in mangoes, pineapples,
Fruits of the Intergovernmental Group avocados and papayas. Its sources
on Bananas and Tropical Fruits and offers include information provided by
an overview of recent developments FAO member nations, traders, news
in international trade in mangoes, bulletins and the opinions of commodity
pineapples, avocados, and papayas. specialists and represents the most
authoritative and up-to-date source of
information on the world tropical fruit
economy.
Published: May 2023 Published: May 2023
The report is available at: The report is available at:
http://www.fao.org/documents/card/en/c/ https://www.fao.org/documents/card/en/c/
CC3421en CC3939EN
F ood Outlook is published by the Markets and Trade Division of FAO
under the Global Information and Early Warning System (GIEWS).
It is a biannual publication focusing on developments affecting
global food and feed markets. Each report provides comprehensive
assessments and short term forecasts for production, utilization, trade,
stocks and prices on a commodity by commodity basis and includes
feature articles on topical issues. Food Outlook maintains a close
synergy with another major GIEWS publication, Crop Prospects and
Food Situation, especially with regard to the coverage of cereals. Food
Outlook is available in English. The summary section is also available in
Arabic, Chinese, French, Russian and Spanish.
Food Outlook and other GIEWS reports are available on the internet as
part of the FAO world wide web (http://www.fao.org/) at the following
URL address: http://www.fao.org/giews/. Other relevant studies on
markets and global food situation can be found at
http://www.fao.org/worldfoodsituation.
This report is based on information available up to late May

2023.
For enquiries or further information contact:

Markets and Trade – Economic and Social Development
[email protected]
[email protected]
Food and Agriculture Organization of the United Nations

Rome, Italy
ISBN 978-92-5-137230-2 ISSN 0251-1959
9 789251 372302
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Food Outlook

BIANNUAL REPORT ON GLOBAL FOOD MARKETS

FAO Food Price Index

Food and Agriculture Organization of the United Nations

ISSN 0251-1959 [print]

Photo credits (left to right/top to bottom):

RICE MEAT SUGAR

OILCROPS DAIRY FISHERIES

MARKET ASSESSMENTS 10-61

SPECIAL FEATURE 62-71 p 141

MAJOR POLICY DEVELOPMENTS 72-95 ©FAO

Grains 73 FAO Food Price Index p 148

to occur in the Russian Federation and Australia, following

trend. A 0.7 percent rise in the food consumption of wheat

the European Union.

rebound in maize imports by several countries, mostly in

consumption. Strong feed demand, largely for maize, in million tonnes %

percent in 2023 to 53.6 million tonnes. All regions, other

to reduce their levels of purchases from 2022, although f’cast

106 109 125 19.7

Calendar year exports (second year shown).

FAO’s forecast for world sugar production in 2022/23

sugar prices. The anticipated growth in world sugar intake,

lower production. LIFDC (kg/yr) 12.8 13.0 12.9 -0.61

underpinned by a steep drop in output in Europe due to

weaker producer margins and somewhat lower domestic

producing regions, despite some increases elsewhere.

producer margins and a potential increase in cattle slaughter

Of the major wild-caught species, reduced tuna

PRICES exporters, including especially robust sales by the Russian

market due to ample supplies, fewer trade disruptions

Indicators section of this report. Production 777.7 800.9 776.7 -3.0

PRODUCTION Total utilization 774.6 779.7 780.3 0.1

Food 524.0 530.7 535.0 0.8

record level Other uses 89.9 92.7 91.7 -1.1

Trade likely to fall in 2023/24 from the 2022/23

near their respective levels of last season.

competition from Ukraine to meet the strong demand from

of Argentina and Canada, where carryovers are set to

million tonnes million tonnes percent

Ukraine Canada Argentina Kazakhstan

million tonnes million tonnes percent

PRICES remainder of 2022, except for short-lived periodic increases

USD per tonne USD per tonne

125 2022 values 2023 values

should foster an increase in maize production in 2023 to a

Mexico, the region’s largest importer, following a foreseen UTILIZATION

million tonnes million tonnes

million tonnes million tonnes

to expand by 1.2 percent in 2023/24, reaching 8 million

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Source: WASDE-USDA 12 May 2023 and FAO estimates.

million tonnes million tonnes percent

million tonnes million tonnes

World Stocks-to-use ratio Republic of Iran

2014-2016 = 100 2014-2016=100

programmes that make inputs available to producers and

beyond the optimal sowing window. As a result, and

million tonnes, milled eq.