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Although wheat prices have fallen from the peak earlier this year, global wheat prices remain elevated, reflective of both uncertainty in the market based on disrupted trade flows in the Black Sea region and the continued decline in the stocks of several major exporters.

International Grains Council (IGC) has shared its first 2022/23 supply and demand projections for all commodities. Noting the projections are especially tentative given the conflict in the Black Sea region, IGC cut total global grain production by 12 million tons, trade by 9 million tons and carryover stocks by 26 million tons from its 2021/22 forecast.