US forecasts rise in Ukrainian grain exports in 2024

Both production and exports of grain are set to rise in Ukraine in the marketing year 2023/24.

Source: an updated forecast by the US Department of Agriculture (USDA)

Details: According to the USDA forecast, wheat exports from Ukraine will increase by 1.5 million tonnes to 14 million tonnes in the marketing year 2023/24. Wheat production will rise by 0.9 million tonnes to 23.4 million tonnes.

The forecast for Ukrainian maize production and export remains unchanged, at 30.5 million and 21 million tonnes respectively.

Global wheat consumption and trade is also predicted to increase.

The forecast for global wheat consumption has increased by 1.8 million tonnes to 796.5 million tonnes, mainly due to increased use of grains as feed in India and the EU.

The forecast for global wheat trade has risen by 2.4 million tonnes to 209.5 million tonnes due to an increase in exports from Ukraine, Russia, Australia and Canada, which compensates for a drop in exports from the EU.

Predicted final wheat stocks for the marketing year 2023/24 are up 1.8 million tonnes to 260 million tonnes.

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