USDA experts left unchanged their forecast of wheat harvest in Ukraine in 2023/24 MY

The world wheat production in 2023/24 season is forecasted at 783.01 mln tonnes (+1.03 mln tonnes). This is evidenced by the USDA report for December.

Analysts raised the forecast of world wheat exports by 2.18 million tons to 207.19 million tons. Experts estimated the forecast of ending wheat stocks in the world at 258.20 mln tonnes (-0.49 mln tonnes).

USDA experts left unchanged their forecast of wheat harvest in Ukraine in 2023/24 MY – 22.5 mln tonnes. The export estimate increased to 12.5 mln tonnes (+0.5 mln tonnes). The forecast of ending stocks was reduced by 0.5 mln tons to 2.58 mln tons.

The forecast for the wheat harvest (49.31 million tons) in the United States remained unchanged. Exports will be at the level of 19.73 million tons (+0.68 million tons) Ending stocks of wheat in the United States will amount to 17.92 million tons, which is 0.68 million tons less than the previous forecast.

Forecast for the main wheat exporters for 2023/24 MY (December report compared to November):

USDA analysts did not change the forecast of wheat production in China in 2023/24 MY and left it at 137 mln tonnes, the import estimate – 0.9 mln tonnes, ending stocks – 133.92 mln tonnes.

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