13 April 2023, Thursday, 10:20 280

U.S. Department of Agriculture ups forecast for wheat and corn export from Ukraine in MY2022/2023

Editor: Roman Vaniyan

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The U.S. Department of Agriculture has increased its forecast for the export of wheat from Ukraine by 1 million tons to 14.5 million tons and corn by 2 million tons to 25.5 million tons in the 2022/2023 marketing year (July 2022 - June 2023).

This follows from a statement by the Ukrainian Agribusiness Club association, the Ukrainian News agency reports.

At the same time, Ukraine's wheat and corn production indicators remain at the level of the previous forecast: 21.0 million tons and 27.0 million tons, respectively.

According to the report, the forecast for world wheat production remains at 789 million tons.

At the same time, the global consumption forecast increased by 2.9 million tons to 796.1 million tons, mainly due to increased consumption of food, seed, and industrial use for India and increased use of feed and residues for China and the EU.

Projected world wheat ending stocks for MY2022/2023 decreased by 2.1 million tons to 265.1 million tons, the lowest since MY2015/16.

Also, according to the report, the forecast of world corn production for the MY2022/2023 decreased by 3 million tons to 1,144.5 million tons.

In addition, in the MY2022/2023, global corn export shipments are expected to decrease by 0.9 million tons to 173.8 million tons compared to the previous forecast, as well as global ending stocks of corn - by 1.1 million tons to 295.3 million tons.

As the Ukrainian News agency earlier reported, the Ministry of Agrarian Policy and Food Forecasts a decrease in the harvest of grain and leguminous crops by 16.6% or by 8.8 million tons year over year to 44.3 million tons.

At the same time, the gross production of oil crops is expected to increase to 19.2 million tons against 18.2 million tons the previous year.