U.S. Department of Agriculture revises outlook for wheat harvest in Ukraine upwards 4% to 23.4 million tons in 2023/2024 MY

The United States Department of Agriculture (USDA) has revised its outlook for wheat harvest in Ukraine upwards 4% or by 0.9 million tons to 23.4 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 increased: production by 0.9 million tons to 23.4 million tons, export - by 1.5 million tons to 14 million tons. The production and export of corn remain unchanged: 30.5 million tons and 21.0 million tons, respectively,” the statement reads.

Global wheat production outlook was revised upwards by 1.9 million tons to 784.9 million tons, mainly due to increased production outlook for russia (by 1 million tons to 91 million tons), Ukraine (by 0.9 million tons to 23.4 million tons), and Saudi Arabia, which more than offset a decrease in China  (by 0.4 million tons to 136.6 million tons).

Global wheat consumption outlook was revised upwards by 1.8 million tons to 796.5 million tons, mainly due to an increase in feed grain and residual use in India and the EU.

Wheat trade outlook was revised upwards by 2.4 million tons to 209.5 million tons, and the outlook for world final wheat reserves for 2023/24 was revised upwards by 1.8 million tons to 260.0 million tons.

The outlook for global corn production in 2023/2024 was revised upwards by 13.7 million tons to 1,235.7 million tons.

Production growth will be achieved thanks to China (11.8 million tons to 288.8 million tons), the United States (2.7 million tons to 289.7 million tons), India and Paraguay, which will significantly exceed the decrease in Brazil (2 million tons to 127 million tons).

The outlook for global corn trade was revised upwards by 0.6 million tons to 200.9 million tons, while the outlook for global corn stocks was revised upwards by 10 million tons to 325.2 million tons.

o 201.5 million tons and the final corn reserves by 0.2 million tons to 315.2 million tons.

As Ukrainian News Agency earlier reported, in 2023, Ukraine recorded record grain yields.