Export of wheat from Ukraine in 2023/24 MY is forecasted at 16 mln tonnes – USDA

The world wheat production in 2023/24 season is forecasted at 786.7 mln tonnes (+0.96 mln tonnes). This is evidenced by the USDA report for March.

Analysts raised the forecast of world wheat exports by 1.44 mln tonnes to 212.13 mln tonnes. Experts estimated the forecast of ending wheat stocks in the world at 258.83 million tons (-0.61 million tons).

USDA experts left unchanged their forecast of wheat harvest in Ukraine in 2023/24 MY – 23.4 mln tonnes. The export estimate increased to 16 mln tonnes (+1 mln tonnes). The forecast of ending stocks was reduced by 0.7 mln tonnes to 3.28 mln tonnes.

The forecast of the wheat harvest in the US remained unchanged – 49.31 million tons. Exports will be at the level of 19.32 million tons (-0.41 million tons). The ending stocks of wheat in the United States will amount to 18.3 million tons, which is 0.4 million tons less than the previous forecast.

Forecast for the main wheat exporters for 2023/24 MY (March figures compared to February):

USDA analysts did not change the forecast of wheat production in China in 2023/24 MY – 136.59 mln tonnes, imports estimate – 0.9 mln tonnes, ending stocks – 132.01 (-1 mln tonnes).

Tags: USDA Report, wheat, USA, Argentina, Australia, crop forecast, Ukraine, Russia, China, export, EU, Canada