USDA increased the forecast of corn harvest and exports for Ukraine

USDA analysts have raised their forecast for global corn production in the 2023/24 season – the harvest is expected to reach 1,220.79 million tons (1,214.47 million tons in the previous forecast). World corn exports will also increase to 199.62 million tons (+3.37 million tons). The ending stocks will increase by 2.59 mln tonnes to 314.99 mln tonnes. This is stated in the USDA report for November.

According to the forecasts of USDA experts, the corn harvest in Ukraine in 2023/24 MY will amount to 29.5 mln tonnes (+1.5 mln tonnes). The export estimates increased by 0.5 mln tonnes to 20 mln tonnes, while the ending stocks may increase by 1 mln tonnes to 6.43 mln tonnes.

USDA analysts increased the estimate of corn production in the United States to 386.97 million tons (+4.32 million tons). The export forecast also increased by 1.27 mln tons to 52.71 mln tons. Ending stocks will be at 54.75 million tons (+1.13 million tons).

Forecast for the main corn exporters for 2023/24 MY (November report figures compared to October):

USDA experts left unchanged the forecast of corn production in China – 277 mln tons. Imports are expected at 23 million tons, ending stocks – 202.02 million tons (+0.22 million tons)

Tags: Brazil, USDA Report, USA, Argentina, crop forecast, Russia, China, corn, export