Ukraine’s indicators for the production of wheat and corn will increase accordingly to 17.5 million tons and up to 24.5 million tons.
The United States Department of Agriculture (USDA) updated the world forecast for the balance of major crops for the 2023-2024 marketing year, in which it increased the production and export of Ukrainian wheat and corn . This was reported by the press service of the Ukrainian club of agrarian business.
According to forecasts, in the marketing year of 2023-2024, Ukraine’s indicators for the production of wheat and corn will increase by 1.0 million tons, up to 17.5 million tons and 2.5 million tons, up to 24.5 million tons, respectively , compared to the forecast in one month. a while ago.
Exports of wheat and maize also increased by 0.5 million tons to 10.5 million tons and by 2.5 million tons to 19.0 million tons, respectively.
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World wheat forecasts for 2023-2024 include increases in production, trade, consumption and ending stocks compared to the previous forecast.
The increase in the production of wheat in the world is predicted by 10.2 million tons, up to 800.2 million tons due to the increase in the production of Russia (+3.5 million tons to 85.0 million tons), India (+3.5 million tons – up to 113, 5 million t) t), the EU (+1.5 million t – to 140.5 million t) and Ukraine (+1.0 million t – to 17.5 million t). This increase in production is due to better weather conditions.
World grain trade will increase by 2.6 million tons to 212.6 million tons due to increased exports from the Russian Federation (+1 million tons to 46.5 million tons), the EU (+0.5 million tons to 38.5 million tons ), India (+ 0.5 million tons – up to 1 million tons) and Ukraine (+0.5 million tons – up to 10.5 million tons).
At the same time, global ending stocks for the 2023-2024 marketing year increased by 6.4 million tonnes to 270.7 million tonnes, mainly due to increases for India, Russia and the EU.
In the 2023-2024 marketing year, the global corn market is expected to grow in production and trade, as well as an increase in ending stocks. All these changes are mainly related to changes in the Ukrainian market, where an increase in corn production is predicted, as well as its export.
An increase in world production is expected by 3.2 million tons, to 1222.8 million tons and an increase in world exports by 2.5 million tons more, to 197.8 million tons.
Global corn ending stocks are forecast at 314.0 Mt, up 1.1 Mt from last month’s forecast.
It was previously reported that by 2023 the sown area in Ukraine will decrease by 7 million hectares – to 29 million hectares – and will change its structure.
It is also predicted that this year the total yield of grain crops in Ukraine will decrease by 60% in 2021, oilseeds – by 15%.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.