USDA increases the forecast for wheat and corn exports from Ukraine
9.02.2024 - 17:40
Analysts of the US Department of Agriculture (USDA) have updated the forecast for the export of wheat and corn from Ukraine in 2023/24.
The USDA report for February states that the wheat and corn harvest forecast in Ukraine in 2023/24 MR remains unchanged — 23.4 million tons and 30.5 million tons, respectively.
At the same time, the export estimate for wheat increased to 15 million tons (+1 million tons), and corn by 2 million tons to 23.0 million tons.
Read also: In Ukraine, the rules for exporting agricultural products to the EU are being improved.
Analysts reduced the forecast of the final stocks of wheat by 0.4 million tons to 3.98 million tons.
Source: Ukrainian Club of Agrarian Business (UCAB).
World wheat production in the 2023/24 season is forecast at 785.74 million tons (+0.83 million tons). They also increased the forecast of world wheat exports by 1.15 million tons to 210.69 million tons. Experts estimated the forecast of final wheat reserves in the world at 259.44 million tons (-0.59 million tons).
As previously reported by USM, the export of Ukrainian agricultural products to the EU in 2023 amounted to $12.6 billion.
