USDA experts have updated their forecasts for corn and wheat

13/10/2023 15:11

The world wheat harvest in 2023/24 MR is forecast at the level of 783.43 million tons, which is 3.91 million tons less than in the previous forecast. This is evidenced by the data of the report of USDA experts for October, writes Kurkul.com.

The production forecast has declined for the third month in a row, with experts citing adverse weather conditions and drought among the reasons. Thus, a decrease in harvest is predicted for Kazakhstan, Australia and Ethiopia.

USDA experts left unchanged their wheat harvest forecast for Ukraine in 2023/24 MR — 22.5 million tons. The export estimate was also left at the level of 11 million tons.

At the same time, for the United States, the grain production forecast was increased by 2.11 million tons to 49.31 million tons. The export forecast remained unchanged at 19.05 million tons. Ending stocks of wheat in the United States will increase by 1.47 million tons to 18.22 million t.

Meanwhile, USDA analysts slightly raised their forecast for corn production in the 2023/24 season — the harvest is expected at 1,214.47 million tons, which is 180,000 tons higher than the previous forecast.

Corn exports are also forecast to be higher — 196.25 million tons (+0.06 million tons).

According to experts' forecasts, the corn harvest in Ukraine in 2023/24 MR will be 28 million tons, as in the previous report for September. The export estimate also remained at the level of 19.5 million tons, final stocks may increase by 1 million tons to 5.43 million tons.

At the same time, USDA experts reduced the estimate of corn production in the USA to 382.65 million tons (-1.77 million tons). The export forecast was also reduced — by 0.63 million tons to 51.44 million tons. Ending stocks will be at the level of 53.62 million tons (-2.78 million tons).

In the report, analysts forecast growth in corn production for Argentina, Moldova, the EU and Paraguay.

USDA experts left unchanged the forecast of corn production in China — 277 million tons. Imports are expected at the level of 23 million tons.

The world wheat harvest in 2023/24 MR is forecast at the level of 783.43 million tons, which is 3.91 million tons less than in the previous forecast. This is evidenced by the data of the report of USDA experts for October, writes Kurkul.com.
The production forecast has declined for the third month in a row, with experts citing adverse weather conditions and drought among the reasons. Thus, a decrease in harvest is predicted for Kazakhstan, Australia and Ethiopia.
USDA experts left unchanged their wheat harvest forecast for Ukraine in 2023/24 MR — 22.5 million tons. The export estimate was also left at the level of 11 million tons.
At the same time, for the United States, the grain production forecast was increased by 2.11 million tons to 49.31 million tons. The export forecast remained unchanged at 19.05 million tons. Ending stocks of wheat in the United States will increase by 1.47 million tons to 18.22 million t.
Meanwhile, USDA analysts slightly raised their forecast for corn production in the 2023/24 season — the harvest is expected at 1,214.47 million tons, which is 180,000 tons higher than the previous forecast.
Corn exports are also forecast to be higher — 196.25 million tons (+0.06 million tons).
According to experts' forecasts, the corn harvest in Ukraine in 2023/24 MR will be 28 million tons, as in the previous report for September. The export estimate also remained at the level of 19.5 million tons, final stocks may increase by 1 million tons to 5.43 million tons.
At the same time, USDA experts reduced the estimate of corn production in the USA to 382.65 million tons (-1.77 million tons). The export forecast was also reduced — by 0.63 million tons to 51.44 million tons. Ending stocks will be at the level of 53.62 million tons (-2.78 million tons).
In the report, analysts forecast growth in corn production for Argentina, Moldova, the EU and Paraguay.
USDA experts left unchanged the forecast of corn production in China — 277 million tons. Imports are expected at the level of 23 million tons.
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