The U.S. Department of Agriculture (USDA) has raised its forecast for wheat exports from Ukraine in the 2024/2025 marketing year (MY, July 2024/June 2025) by another 1 million tons to 16.0 million tons.
As stated in the October USDA report on Friday evening, such revision was made due to an increase in the crop estimate from 22.3 million tons to 22.9 million tons, as well as a decrease in the estimate of domestic consumption from 7.0 million tons to 6.7 million tons and transitional residues from 1.09 million tons to 0.99 million tons.
The U.S. agency recalls that last MY the wheat harvest in Ukraine amounted to 23.0 million tons, exports – 18.58 million tons, while corn – 32.5 million tons and 29.6 million tons, respectively.
USDA forecasts world wheat production in the 2024/2025 season at 794.08 (-2.8 million tons to September forecast) and world exports at 215.82 million tons (-0.69 million tons).
The estimate of both world corn production to 1 billion 217.19 (-1.38 million tons to the September forecast) and world exports to 190.50 million tons (-0.87 million tons) has also been downgraded.
