USDA analysts revised the assessment of Ukrainian wheat exports

The world wheat production in 2023/24 season is forecasted at 787.3 mln tonnes (+0.66 mln tonnes).

This is evidenced by the USDA report for April.

Analysts raised the forecast of world wheat exports by 1.34 million tons to 213.47 million tons. Experts estimated the forecast of ending wheat stocks in the world at 258.27 million tons (-0.56 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 17.5 mln tonnes (+1.5 mln tonnes). The forecast of ending stocks was reduced by 1.7 mln tons to 1.58 mln tons.

The forecast of wheat harvest in the United States remained unchanged – 49.31 million tons. Exports will be at the level of 19.32 million tons. The ending stocks of wheat in the United States will amount to 18.98 million tons, which is 0.68 million tons more than the previous forecast.

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

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.

Tags: wheat, Ukraine, USDA Report