USDA has increased the Ukrainian corn export forecast
14.10.2022 - 11:45
The US Department of Agriculture (USDA) increased the corn export forecast from Ukraine.
USDA has updated the global forecast of the balance of major agricultural crops for FY 2022/23. The report increased the forecast of corn exports from Ukraine by 2.5 million tons to 15.5 million tons, reports the Ukrainian Agrarian Business Club.
At the same time, the USDA did not change the corn production forecast in 2022/23 MR, and left it at 31.5 million tons. The forecast for wheat production and export was also left unchanged — 20.5 million tons and 11 million tons, respectively.
The forecast of world corn production is expected at the level of 1.168 billion tons — 3.9 million tons lower than the September forecast. At the same time, the USDA predicts a reduction in corn production in the USA (-1.2 million tons to 353 million tons) and in the EU (-2.6 million tons to 56.2 million tons). In the European Union, a reduction in production is observed in Romania, Bulgaria, Hungary and France.
It is also expected that the world export of corn will decrease by 0.5 million tons to 183 million tons. Export forecasts were increased for Ukraine and India, but decreased for the USA (-3.2 million tons to 54.6 million tons) and Serbia.
The updated world forecast for wheat for FY 2022/23 envisages a reduction in production, consumption, trade and ending stocks. It is assumed that world wheat production will decrease by 2.2 million tons to 781.7 million tons. The reduction will take place through the USA (-3.6 million tons to 44.9 million tons) and Argentina (-1.5 million tons to 17.5 million tons).
The fall is partially offset by the increase in the forecast for grain production in the EU (+2.7 million tons to 134.8 million tons).
