USDA has released updated forecasts for global corn and wheat balances

12/02/2024 11:15

USDA analysts have published updated forecasts for global corn and wheat balances. Kurkul.com writes about it.

Wheat

The global wheat outlook for 2023/24 predicts increased exports (for Ukraine, Australia), consumption and imports, but lower ending stocks (for China, India and Ukraine).

World production in the 2023/24 season is forecast at 785.74 million tons (+0.83 million tons). The forecast of world exports was increased by 1.15 million tons to 210.69 million tons. The forecast of the final stocks of wheat in the world is estimated at 259.44 million tons (-0.59 million tons).

For Ukraine, the experts left the harvest forecast unchanged at 23.4 million tons. The export estimate increased to 15 million tons (+1 million tons). Analysts reduced the forecast of ending stocks by 0.4 million tons to 3.98 million tons.

For the USA, the harvest is forecast at 49.31 million tons (unchanged), exports at 19.73 million tons, ending stocks at 17.9 million tons (0.28 million tons less than the previous forecast).

The production forecast in China in FY 2023/24 is estimated at 136.59 million tons, imports — 0.9 million tons, ending stocks — 133.01 (-0.5 million tons).

Corn

The forecast of world production, exports and ending stocks in the 2023/24 season has been lowered — the harvest is expected at the level of 1,232.57 million tons (1,235.73 million tons in the previous forecast); export — 200.82 million tons (-0.07 million tons), final stocks — up to 322.06 million tons (-3.16 million tons).

Major global trade changes for 2023/24 include increases in projected maize exports for Ukraine and Pakistan, with discounts for Brazil, India and Serbia.

The forecast for the corn harvest in Ukraine remained unchanged — 30.5 million tons, exports are forecast at 23 million tons (+2 million tons), final stocks — 5.32 million tons (-1.5 million tons).

Corn production in the US is expected at 389.69 million tons, exports — 53.34 million tons, ending stocks — 55.17 million tons (+0.26 million tons).

For China, USDA experts left forecasts unchanged: harvest — 288.84 million tons, imports — 23 million tons, ending stocks — 211.86 million tons.

USDA analysts have published updated forecasts for global corn and wheat balances. Kurkul.com writes about it.
Wheat
The global wheat outlook for 2023/24 predicts increased exports (for Ukraine, Australia), consumption and imports, but lower ending stocks (for China, India and Ukraine).
World production in the 2023/24 season is forecast at 785.74 million tons (+0.83 million tons). The forecast of world exports was increased by 1.15 million tons to 210.69 million tons. The forecast of the final stocks of wheat in the world is estimated at 259.44 million tons (-0.59 million tons).
For Ukraine, the experts left the harvest forecast unchanged at 23.4 million tons. The export estimate increased to 15 million tons (+1 million tons). Analysts reduced the forecast of ending stocks by 0.4 million tons to 3.98 million tons.
For the USA, the harvest is forecast at 49.31 million tons (unchanged), exports at 19.73 million tons, ending stocks at 17.9 million tons (0.28 million tons less than the previous forecast).
The production forecast in China in FY 2023/24 is estimated at 136.59 million tons, imports — 0.9 million tons, ending stocks — 133.01 (-0.5 million tons).
Corn
The forecast of world production, exports and ending stocks in the 2023/24 season has been lowered — the harvest is expected at the level of 1,232.57 million tons (1,235.73 million tons in the previous forecast); export — 200.82 million tons (-0.07 million tons), final stocks — up to 322.06 million tons (-3.16 million tons).
Major global trade changes for 2023/24 include increases in projected maize exports for Ukraine and Pakistan, with discounts for Brazil, India and Serbia.
The forecast for the corn harvest in Ukraine remained unchanged — 30.5 million tons, exports are forecast at 23 million tons (+2 million tons), final stocks — 5.32 million tons (-1.5 million tons).
Corn production in the US is expected at 389.69 million tons, exports — 53.34 million tons, ending stocks — 55.17 million tons (+0.26 million tons).
For China, USDA experts left forecasts unchanged: harvest — 288.84 million tons, imports — 23 million tons, ending stocks — 211.86 million tons.
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