USDA raises forecast for global coarse grain harvest

Ukraine

Indonesia

Published Nov 15, 2023

Tridge summary

The USDA has increased its estimate of world production of coarse grains for the 2023-2024 agricultural year by 5.2 million tons. This adjustment is due to improved weather conditions and higher yields, and it is expected to meet the growing demand for animal feed. The forecast for corn production in countries like the United States, Russia, Ukraine, Paraguay, and Myanmar has also been raised, while production in Egypt, Indonesia, and Mexico has decreased due to a drought. The USDA has also increased its estimate for global corn supplies and crop imports, with Egypt, Mexico, Saudi Arabia, Canada, and EU countries being the largest buyers.

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Original content

The US Department of Agriculture (USDA, which publishes estimates of agricultural indicators both in the United States and in other agricultural countries) has increased its estimate of world production of coarse grains in the 2023-2024 agricultural year by almost 5.2 million tons from October. This was reported by Finmarket with reference to data from the department’s November report. In exact figures, this amounted to 1.499 billion versus the earlier 1.447. The positive adjustment was revised as weather conditions improved over several months, supporting higher yields. The current unfavorable situation can no longer greatly hinder the development of events, since the bulk of the harvest from key producing countries has been collected. Let us recall that feed grain includes, in particular, corn, oats, millet, rye, barley and a number of other crops. At the same time, the department provided an accurate assessment only for the first of them. However, it is expected that increasing ...

Source: Rosng