Ukraine will reduce wheat and corn exports in 2023/24 MY

According to the Ministry of Agrarian Policy of Ukraine, grain exports in the 2023/24 season may decline to 26 million tons due to a significant reduction in production caused by the invasion of Russia, said First Deputy Minister T. Vysotsky.

He said that the Ministry keeps the forecast of grain harvest in 2023 at 44 mln tons, despite the unfavorable weather in Ukraine. Rains and low temperatures in April virtually stopped sowing operations, which farmers were able to resume only in May. As a result, up to 0.5 million hectares may not be planted with spring crops due to the end of the optimal sowing period.

Due to heavy precipitation, the Ministry increased its forecast for wheat production in 2023 from 16.6 to 17 million tons, of which 9 million tons can be exported. However, given the significant carry-over stocks, wheat exports in 2023/24 MY may reach 11-12 mln tonnes.

At the same time, corn planting areas due to rainy weather and delayed spring works may be reduced by 10% to 3.5-3.6 mln hectares compared to the first forecasts, so the harvest will decrease to 22 mln tons, of which approximately 15 mln tons can be exported.

Tags: grain, wheat, Ukraine, corn, export