U.S. Department of Agriculture revises outlook for corn harvest in Ukraine upwards 5.3% to 29.5 million tons in 2023/2024 MY

The United States Department of Agriculture (USDA) has revised its outlook for corn harvest in Ukraine upwards 5.3% or by 1.5 million tons to 29.5 million tons in the 2023/2024 marketing year (July 2023 - June 2024).

This is stated in the message of the Ukrainian Agrarian Business Club (UABC) association, Ukrainian News Agency reports.

"According to updated forecasts by the USDA, in the 2023/2024 monetary year, Ukraine's wheat production figures remain unchanged - 22.5 million tons, and corn increased by 1.5 million tons to 29.5 million tons. At the same time, exports of both crops are growing: wheat - by 1 million tons to 12.0 million tons, corn - by 0.5 million tons to 20.0 million tons," it says.

Global wheat production forecast for 2023/2024 reduced by 1.5 million tons to 782.0 million tons due to reduced production in many countries, including India (3 million tons to 110.6 million tons), Argentina (1.5 million tons to 15.0 million tons), Kazakhstan (per 1 million tons to 12.0 million tons), UK (0.5 million tons to 14.3 million tons) and Brazil (0.4 million tons to 9.8 million tons).

At the same time, this decrease in production is partially offset by an increase in the forecast by 5.0 million tons in russia - to 90.0 million tons.

Global wheat trade forecast for 2023/2024 reduced by 1.3 million tons to 205.0 million tons, primarily due to a decrease in exports from Argentina, India, which is only partially offset by an increase in exports from Ukraine.

The forecast for global wheat final reserves was raised by 0.6 million tons to 258.7 million tons.

Forecast for global corn production in 2023/2024 grew by 6.3 million tons to 1,220.8 million tons.

Production growth will be achieved thanks to the United States (by 4.3 million tons to 387.0 million tons), Ukraine (by 1.5 million tons to 29.5 million tons), russia (by 1.4 million tons to 16.0 million tons), Burma and Paraguay.

At the same time, the growth in corn production will be partially offset by a decrease in Mexico (by 0.9 million tons to 26.5 million tons), Egypt (by 0.6 million tons to 7.0 million tons) and Indonesia.

Global Corn Trade Forecast for 2023/2024 increased by 3.4 million tons to 199.6 million tons.

The forecast for corn final reserves is up 2.6 million tons to 315.0 million tons.

As Ukrainian News Agency earlier reported, the Ministry of Agrarian Policy and Food has increased the forecast for the harvest of grain and oil crops in 2023 to 79 million tons, which is 10% more than the figure for 2022.