The USDA has updated its wheat and corn crop forecasts

USDA experts have updated their forecasts for world corn and wheat production in 2023/24. In particular, the corn harvest will increase to 1,222.07 million tons, and wheat - to 783.01 million tons. Kurkul.com writes about this based on the data of the December report.

 

Thus, the world production of corn in the 2023/24 season is expected at the level of 1,222.07 million tons (1,220.79 million tons in the previous forecast). The world export of corn will also increase to 201.46 million tons (+1.84 million tons). Final balances will increase by 0.23 million tons to 315.22 million tons.

 

According to forecasts, the corn harvest in Ukraine in 2023/24 will be 30.5 million tons (+1 million tons). Exports will also increase by 1 million tons to 21 million tons.

 

Also, the production forecast for Russia was increased by 1 million tons to 17 million tons. A slight increase is predicted for the EU countries.

 

At the same time, grain production for the USA remained unchanged at 386.97 million tons. However, the export forecast increased by 0.63 million tons to 53.34 million tons, the final stocks will be at the level of 54.12 million tons (-0.63 million tons) . The forecast for corn production in China was also left unchanged — 277 million tons. Imports are expected at the level of 23 million tons.

 

 

As for wheat, world production in the 2023/24 season is forecast at 783.01 million tons (+1.03 million tons), exports — 207.19 million tons (+2.18 million tons), ending stocks — 258.20 million tons (-0.49 million tons).

 

Global exports are projected to be higher due to increased supplies from Ukraine, Australia, the USA and Canada.

 

For Ukraine, the wheat harvest forecast was left unchanged at 22.5 million tons. The export estimate increased to 12.5 million tons (+0.5 million tons). Analysts reduced the forecast of final reserves by 0.5 million tons to 2.58 million tons.

 

They also did not change the forecast for wheat production in the USA — 49.31 million tons. At the same time, exports will increase to 19.73 million tons (+0.68 million tons). Final 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.