The United States Department of Agriculture improved the forecast for wheat harvest in Ukraine by 6% to 17.5 million tons and corn - by 11.4% to 24.5 million tons in the 2023/2024 marketing year (July 2023 - June 2024).
This follows from a statement by the Ukrainian Agribusiness Club association, the Ukrainian News agency reports.
"The U.S. Department of Agriculture has updated the global forecast of the balance of major crops for the 2023/24 marketing year. According to the updated forecasts, in the MY2023/2024, Ukraine's wheat and corn production indicators will increase by 1 million tons to 17.5 million tons and by 2.5 million tons to 24.5 million tons, respectively, compared to the forecast a month ago. At the same time, wheat and corn exports also increased: by 0.5 million tons to 10.5 million tons and by 2.5 million tons to 19.0 million tons, respectively," the message reads.
World wheat forecasts for the MY2023/2024 are for increased production, trade, consumption, and ending stocks compared to the previous forecast.
In particular, due to more favorable weather conditions, an increase in world wheat production by 10.2 million tons to 800.2 million tons is forecast due to an increase in the production of the Russian Federation (by 3.5 million tons to 85 million tons), India (by 3.5 million tons to 113.5 million tons), the EU (by 1.5 million tons to 140.5 million tons), and Ukraine (1 million tons to 17.5 million tons).
The forecast for world trade increased by 2.6 million tons to 212.6 million tons, and global ending stocks of wheat for the MY2023/2024 increased by 6.4 million tons to 270.7 million tons.
"On the global corn market in the MY2023/2024, an increase in production and trade and larger final stocks are expected. All these changes are mainly related to changes in the Ukrainian market, where an increase in corn production and export is expected. An increase in the world corn market is expected production by 3.2 million tons to 1,222.8 million tons and an increase in global export volumes by 2.5 million tons to 197.8 million tons," the report said.
Forecasted global corn ending stocks are expected at 314 million tons, up 1.1 million tons from last month's forecast.
As the Ukrainian News agency earlier reported, in 2023, the Ministry of Agrarian Policy and Food forecasts a decrease in the harvest of grain and leguminous crops by 16.6%, or by 8.8 million tons, year over year, to 44.3 million tons.
At the same time, the gross production of oil crops is expected to increase to 19.2 million tons against 18.2 million tons in the previous year.
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