Corn production forecast in Ukraine increased by 2.5 million tons – USDA report

According to the USDA forecasts, the corn harvest in Ukraine in 2023/24 MY will amount to 27.5 mln tonnes (+2.5 mln tonnes to the previous forecast). The export estimates remained at 19.5 mln tonnes, while the ending stocks could reach 3.89 mln tonnes (+2.5 mln tonnes).

This is stated in the August USDA report.

According to the report, the global corn harvest in 2023/24 MY will be 1.213 mln tonnes (-11 mln tonnes).

The experts lowered the estimates of the world corn exports by 2.07 mln tonnes to 196.19 mln tonnes. The ending stocks of corn in the world will be at 311 million tons (-3.07 million tons).

USDA analysts reduced the estimate of corn production in the United States to 383.8 million tons (-5.3 million tons). The export forecast was also reduced to 52.07 million tons (-1.27 million tons). Ending stocks will be at 55.94 (-1.51 million tons).

Forecast for the main corn exporters for 2023/24 MY (August figures compared to July):

USDA experts reduced the forecast of corn production in China – 277 million tons (-3 million tons). Imports will amount to 23 million tons, ending stocks – 201.3 (-3 million tons).

Tags: Ukraine, corn, USDA Report