USDA increased the forecast of Ukrainian wheat production in the new season

USDA experts forecast the wheat harvest in Ukraine in the new 2023/24 MY at 17.5 mln tonnes, which is 1 mln tonnes more than the previous forecast. Ukraine’s wheat exports will increase by 0.5 mln tonnes (10 mln tonnes in the previous report). Ending stocks will decrease from 1.7 million tons to 1.69 million tons. This is evidenced by the USDA report for June.

The global wheat harvest in 2023/24 MY is forecast to increase to 800 mln tonnes (+10.4 mln tonnes compared to the previous year). Total wheat exports in 2023/24 MY are expected to reach 212.6 mln tonnes, up 2.9 mln tonnes from the previous forecast. The forecast of ending wheat stocks in the world is 270.7 mln tonnes (+6.37 mln tonnes).

The estimate of wheat production in the U.S. in the new report increased by 0.16 million tons to 45.32 million tons, exports are forecasted at the same level – 19.73 million tons. The ending stocks will increase to 15.28 mln tonnes (+0.16 mln tonnes).

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