USDA significantly increased forecast of wheat exports from Ukraine

The U.S. Department of Agriculture (USDA) raised the forecast of wheat exports from Ukraine in 2023/24 marketing year by another 1.5 mln tonnes to 16.5 mln tonnes.

According to the April report of the U.S. agency, at the same time, the estimate of carry-over stocks at the end of the MY was reduced from 3.28 mln tonnes to 1.58 mln tonnes, domestic consumption – from 7.7 mln tonnes to 7.3 mln tonnes, and carry-over stocks at the beginning of the MY – from 3.5 mln tonnes to 2.9 mln tonnes.

As for Ukrainian corn, the forecast of its exports after increasing by 1.5 mln tons in March, in April was kept at the same level – 24.5 mln tons.

At the same time, the overall forecast for Ukrainian feed grains was increased by 0.1 mln tonnes to 26.97 mln tonnes due to the same reduction of carry-over stocks at the end of this MY to 4.08 mln tonnes.

In general, the updated global wheat harvest forecast for 2023/24 MY has been improved by 0.66 mln tonnes to 787.36 mln tonnes, while the forecast for global wheat exports has been increased by 1.34 mln tonnes to 213.47 mln tonnes. On the contrary, experts revised the forecast of wheat ending stocks in the world downward by 0.56 million tons to 258.27 million tons.

As for corn, the forecast for its global production in April was reduced by 2.38 million tons to 1 billion 227.86 million tons, while exports were reduced by only 0.47 million tons to 200.59 million tons. The USDA also lowered its estimate of carryover stocks by 2.35 million tons to 318.28 million tons.

As reported earlier, Ukraine attributed the improvement in grain export estimates for this marketing year to the increase in the volume of grain transportation through the new sea corridor under the control of the Ukrainian Navy.

Tags: corn, USDA, Production, wheat, forecast, stocks, feed grains, consumption, Ukraine, exports, harvest