USDA increased the forecast of corn harvest in Ukraine in the current season
According to the USDA forecasts, the corn harvest in Ukraine in 2023/24 MY will reach 25 mln tonnes (+0.5 mln tonnes compared to the previous report). The analysts left the ending stocks unchanged at 1.39 million tons.
According to the latest report, the world corn harvest in 2023/24 MY will amount to 1.224 mln tonnes (+2 mln tonnes).
Experts raised the estimate of global corn exports by 198.26 mln tonnes (+0.5 mln tonnes). The ending stocks of corn in the world will be at 314.12 million tons (+0.14 million tons).
USDA analysts raised the estimate of corn production in the United States to 389.15 million (+1.4 million tons). The export forecast remained unchanged at 53.34 mln tons. Ending stocks will be at 57.45 (+ 0.13 mln tons).
Forecast for the main corn exporters for 2023/24 MY (July figures compared to June):
| Country | Harvest, mln tons | Exports, mln tons | Reserves, mln tons |
| Argentina | 54 (0) | 40,5 (0) | 1,51 (0) |
| Brazil | 129 (0) | 55 (0) | 6,67(0) |
| russia | 16,3 (0) | 4,2 (0) | 1,16 (0) |
| South Africa | 16,8 (0) | 3,4 (0) | 1,51 (0) |
Also, USDA analysts left unchanged their forecasts for corn production in China (280 mln tons), imports (23 mln tons) and ending stocks (204.3 mln tons).
As a reminder, in 2023, Ukraine may harvest 68 mln tons of grains and oilseeds, which is 5.8 mln tons or 8% less than the harvest of 2022.
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