The U.S. Department of Agriculture (USDA) has raised its forecast for wheat exports from Ukraine in 2023/24 marketing year (MY) by 0.5 million tons to 12.5 million tons, and corn by 1.0 million tons to 21.0 million tons.
According to the U.S. agency’s December report, the improvement in the forecast for wheat exports was made by reducing the estimate of year-end carryover balances by the same 0.5 million tons, to 2.58 million tons.
As for corn, the USDA raised the forecast for its harvest also by 1 million tons – up to 30.5 million tons.
In addition, the U.S. analysts improved the estimate of transitional corn residues by 0.39 million tons both at the beginning of this MY (up to 2.8 million tons) and at its end (up to 6.82 million tons).
Overall, the updated world wheat crop forecast for 2023/24 is improved by 1.03 million tons to 783.01 million due to positive revisions to estimates for Australia and Canada, offsetting a worsening of the forecast for Brazil.
The estimate for global wheat consumption is raised by 1.82 million tons to 794.66 million, and global exports by 2.18 million tons to 207.19 million tons: in addition to Ukraine, the estimates for the United States, Australia and Canada are improved.
As for corn, the forecast for its harvest in December was raised by 1.28 million tons to 1 billion 222.07 million tons, and for exports by 1.84 million tons to 201.46 million tons.
forecast for wheat exports, forecast for wheat exports from Ukraine, U.S. Department of Agriculture, USDA
