The United States Department of Agriculture (USDA) has retained the forecast for the wheat harvest in Ukraine at 22.5 million tons and corn - at 28 million tons in the 2023/2024 marketing year (MY) (July 2023 - June 2024).
This is stated in the message of the Ukrainian Agrarian Business Club (UABC) association, Ukrainian News Agency reports.
"According to the updated forecasts of the USDA, in the 2023/24 MY, Ukraine's indicators for the production, export of wheat and corn remain unchanged: wheat production - 22.5 million tons, corn - 28 million tons; wheat exports - 11 million tons, corn - 19.5 million tons," it says.
World wheat production is expected to decline by 3.9 million tons in the 2023/24 MY to 783.4 million tons mainly due to Australia's production contraction (1.5 million tons to 24.5 million tons due to prolonged dry conditions in most growing regions), Kazakhstan (by 2 million tons to 13.0 million tons due to suboptimal growing conditions this season) and Ethiopia (by 2.0 million tons to 5.5 million tons due to reduced harvesting space and dry conditions in August and September), which is only partially offset by the U.S. production growth (by 2.1 million tons to 49.3 million tons).
The forecast for world consumption was revised downwards by 3 million tons to 792.9 million tons, mainly due to the lower level of forage use.
Expected final world wheat reserves for the 2023/24 MY were also revised downwards by 0.5 million tons to 258.1 million tons, the lowest since the 2015/16 MY.
The forecast for world corn production in the 2023/24 MY was revised upwards by 0.1 million tons to 1,214.5 million tons.
At the same time, the forecast for final world corn reserves in the 2023/24 MY was revised downwards by 1.6 million tons to 312.4 million tons, which reflects a decrease in U.S. reserves and growth in Ukraine and Moldova.
As the Ukrainian News Agency earlier reported, the Ministry of Agrarian Policy and Food improved the forecast for cereals and oilseeds in 2023 to 79 million tons, which is 10% more than in 2022.
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