World: The USDA improved the forecast for the production and export of Ukrainian wheat and worsened the forecast for corn

Published Oct 14, 2024

Tridge summary

The USDA has revised its forecast for the balance of major agricultural crops for the 2024/2025 marketing year, showing an increase in Ukrainian wheat production and exports, but a decrease in corn figures. The global wheat market forecast shows a rise in initial stocks but a decrease in consumption, production, and trade, with the biggest drops expected in the EU, Russia, India, and Brazil. However, this decrease is balanced by an increase in production in Ukraine. Additionally, the global corn market is predicted to see a decrease in production, trade volumes, and final stocks, primarily due to reductions in Ukraine, Egypt, Russia, and the Philippines, but this is partially offset by increases in the US and India.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The United States Department of Agriculture (USDA) updated the forecast of the balance of major agricultural crops for the 2024/2025 marketing year, in which it increased the production and export figures for Ukrainian wheat, but reduced these figures for corn. This was reported by the press service of the Ukrainian Club of Agrarian Business, Ukrinform reports. According to the updated forecasts, in 2024/2025, Ukraine's indicators of wheat production increased by 0.6 million tons, to 22.9 million tons, exports - by 1 million tons, to 16 million tons. The USDA predicts that production and exports will decrease per 1 million tons - up to 26.2 million tons and 23 million tons, respectively. The forecast of the world wheat market for the current MR predicts an increase in initial stocks, but a decrease in consumption, production and trade with an increase in final stocks. Production decreases by 2.8 million tons, to 794.1 million tons, which is mainly expected in the EU (-1 million ...

Source: Epravda