World: More corn is expected from Ukraine, as well as from Papua New Guinea

As reported by UKAB, on November 9, 2023, the US Department of Agriculture (USDA) updated the global forecast of the balance of major agricultural crops for the 2023/24 marketing year. According to the updated forecasts of the USDA, in 2023/24, Ukraine's wheat production figures will remain unchanged at 22.5 million tons, and corn production will increase by 1.5 million tons to 29.5 million tons. At the same time, the export of both crops is growing: wheat by 1 million tons to 12.0 million tons, corn by 0.5 million tons to 20.0 million tons. The updated world forecasts for wheat for FY 2023/24 foresee an increase in supply, a decrease in consumption, trade volumes and an increase in ending stocks. Supply is forecast to rise by 0.6mt to 1,051.5mt as the increase in starting stocks more than offsets the decline in global production. The forecast of world wheat production for 2023/24 MR has been reduced by 1.5 million tons to 782.0 million tons due to a reduction in production in ...