USDA analysts revised the forecast of Ukrainian corn harvest and exports
USDA analysts lowered the forecast of world corn production in the season 2023/24 – the harvest is expected to reach 1 230.24 mln tonnes (1 232.57 mln tonnes in the previous forecast). The estimate of world corn exports increased by 1.45 million tons to 202.27 million tons. The forecast of ending stocks decreased by 2.43 million tons to 319.63 million tons.
This is stated in the USDA report for March.
The forecast for corn harvest in Ukraine decreased by 1 mln tonnes to 29.5 mln tonnes, exports are forecast at 24.5 mln tonnes (+1.5 mln tonnes), ending stocks – 2.82 mln tonnes (-2.5 mln tonnes).
The USDA analysts left unchanged the estimate of corn production in the U.S. – 389.69 mln tonnes. The export forecast also remained unchanged – 53.34 mln tons. The ending stocks will be at the level of 55.17 mln tons.
Forecast for the major corn exporters for 2023/24 MY (March figures compared to February):
| Country | Harvest, mln tons | Exports, mln tons | Reserves, mln tons |
| Argentina | 56 (+1) | 42 (+1) | 1,03 (0) |
| Brazil | 124 (0) | 52 (0) | 6,17 (+0,2) |
| russia | 16,6 (-0,4) | 5,3 (0) | 1,06 (0) |
| South Africa | 15,5 (-1,3) | 2,9 (-0,5) | 2,05 (-0,1) |
USDA experts left their forecasts for China unchanged: corn harvest – 288.84 million tons, imports – 23 million tons, ending stocks – 211.86 million tons.
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