The United States Department of Agriculture (USDA) has revised its outlook for corn harvest in Ukraine upwards 3.3% or by 1 million tons to 30.5 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 million tons to 30.5 million tons. At the same time, exports of both crops are growing: wheat - by 0.5 million tons to 12.5 million tons, corn - by 1.0 million tons to 21.0 million tons," it says.
Global wheat production outlook for 2023/2024 was revised upwards by 1 million tons to 783.0 million tons, mainly due to increased production in Australia (by 1 million tons to 25.5 million tons) and Canada (by 1 million tons to 32.0 million tons), which was partially offset by a decrease in Brazil (by 1 million tons to 8.4 million tons).
Global wheat consumption outlook was revised upwards by 1.8 million tons to 794.7 million tons, mainly due to an increase in feed grain and residual use in the EU, South Korea and Thailand, as well as an increase in food, seed and industrial use in China.
Wheat trade outlook for 2023/2024 was revised upwards by 2.2 million tons to 207.2 million tons due to increased exports by Australia, the United States, Canada and Ukraine.
At the same time, the outlook for world final wheat reserves for 2023/24 was revised downwards by 0.5 million tons to 258.2 million tons, the lowest since the 2015/2016 marketing year.
The outlook for global corn production in 2023/2024 was revised upwards by 1.3 million tons to 1,222.1 million tons.
Production growth will be achieved thanks to the russian federation (by 1 million tons to 17.0 million tons), Ukraine (by 0.5 million tons to 30.5 million tons), the European Union (by 0.3 million tons to 60.1 million tons) and Egypt.
This growth will be partially offset by a reduction in production in Mexico (by 1 million tons to 25.5 million tons) and Canada (by 0.2 million tons to 15.1 million tons).
Global corn exports are also expected to grow in 2023/2024 by 1.8 million tons to 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.
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