USDA forecasts corn harvest in Ukraine in the new season at 22 million tons

According to USDA forecast corn production in Ukraine in 2023/24 MY will reach 22 million tons, which is by 5 million tons less than in the previous report. Corn exports from Ukraine are forecast at 16.5 million tons (-9 million tons). Analysts left the estimate of final balances unchanged at 1.39 million tons.

According to the last report the world corn harvest in 2023/24 MY will amount to 1219 million tons.

Experts raised the estimate of global corn exports by 21.47 million tons to 195.26 million tons. World corn ending stocks will be at 312.9 million tons (+17.55 million tons).

USDA analysts raised the U.S. corn production estimate by 39 million tons to 387.75 million tons. The export forecast was 53.34 million tons (+6.35 million tons) and ending stocks were 56.43 (+22.35 million tons) .

Forecast for major corn exporters for 2022/24 MY:

USDA analysts raised the forecast of corn production in China – 280 (+2.8) million tons. Imports of grain to China, according to analysts, will increase to 23 million tons (+5 million tons). Final stocks will be at 204.3 million tons (+3.2 million tons).

Recall, the range of estimates of future corn acreage is very wide because of uncertainty about future export prospects. There are marks of 3.3 million hectares and below on the market, and this is almost half as much as before the full-scale invasion.

Tags: Ukraine, Russia, China, corn, Brazil, USDA Report, Argentina