The U.S. Department of Agriculture has revised its outlook for wheat harvest in Ukraine upwards 5.1% or by 1 million tons to 20.5 million tons in the 2022/2023 marketing year (July 2022 - June 2023).
This is stated in the message of the Ukrainian Agrarian Business Club association (UCAB), Ukrainian News Agency reports.
"According to updated forecasts by the USDA, in 2022/23 monetary year Ukraine's wheat production figures increase by 1 million tons to 20.5 million tons, and wheat exports remain unchanged - 11 million tons. As for corn, Ukraine's production figures were increased by 1.5 million tons to 31.5 million tons, and exports - by 0.5 million tons to 13.0 million tons," it says.
Updated global wheat forecast for 2022/23 monetary year provides for an increase in production, growth in consumption, trade and final reserves.
"Forecast of world wheat production in 2022/23 monetary year increased by 4.3 million tons to 783.9 million tons. This was mainly due to the growth of production volumes in Russia (+3 million tons to 91 million tons) and Ukraine (+1 million tons to 20.5 million tons). Russia's indicators are expected to be record-breaking," the report said.
Projected volumes of global wheat trade increased by only 0.2 million tons to 208.9 million tons, while projected global wheat final reserves increased by 1.2 million tons to 268.6 million tons.
"Global corn production is expected to be reduced by 7 million tons to 1,172.6 million tons. It is assumed that the reduction in corn production will be due to the United States (-10.5 million tons to 354.2 million tons), the EU countries (-1.2 million tons to 58.8 million tons). In part, this fall will be offset by large volumes of production by China (+3 million tons to 274 million tons), Ukraine (+1.5 million tons to 31.5 million tons) and Canada (+0.5 million tons to 14.5 million tons)," the statement said.
Projected global corn final reserves in 2022/2023 decreased by 2.2 million tons to 304.5 million tons.
As Ukrainian News Agency earlier reported, the Ukrainian Grain Association (UGA) decreased the forecast for the grain and oilseed crop this year by 7.1% or 4.9 million tons to 64.5 million tons, compared to its July forecast.
The Ministry of Agrarian Policy and Food maintains the forecast for the harvest of grain and oil crops at the level of 65-67 million tons in 2022.
In 2021, farmers harvested 106 million tons of grain, leguminous and oil crops, which is the largest indicator in the entire history of independent Ukraine.
More than 84 million tons of cereals and legumes were harvested, 22.6 million tons of oil crops.
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