World cereal production, utilization, stocks, 2012-2022 and projected to 2023. Based on world cereal production and utilization estimates, cereal stocks at the end of seasons in 2022 are seen rising above their opening levels but remaining below the record levels reached in 2018/19. Global trade in cereals in 2021/22 is estimated below the 2020/21 record level, mostly owing to an expected fall in global maize trade and reflecting the impact of disruptions caused by the war in Ukraine. Looking forward to the 2022/23 season, early prospects for cereal production in 2022 point to a likely decrease, which would mark the first decline in four years. Graphic: FAO