The wheat harvest is underway in the northern hemisphere, with hot and dry conditions hindering winter wheat yields in several major producing regions, leading to an expected decline in global wheat production in 2022. Maize production prospects improved this month, but global maize output is also forecast to fall below last year's level. With exports from Ukraine still largely constrained, international wheat and maize markets are expected to stay tight, leading to volatile prices that are highly sensitive to daily news on crop development, weather conditions, and policy changes. Despite high input prices, global rice production prospects appear strong, while soybean output could hit a new record. The Market Monitor is a product of the Agricultural Market Information System (AMIS), covering international markets for wheat, maize, rice, and soybeans.
