Posted on August, 17, 2022 at 09:51 am
This is stated in the message of the Ukrainian Agrarian Business Club association (UCAB), Ukrainian News Agency reports.
"The United States Department of Agriculture (USDA) has updated the global forecast of the balance of major agricultural crops for the 2022/2023 marketing year. According to the updated forecasts of the USDA, in 2022/23 Ukraine's wheat production indicators will remain unchanged, at the level of 19.5 million tons, and wheat exports will increase by 1 million tons to 11 million tons. As for corn, Ukraine's indicators will increase significantly both in terms of production (+5 million tons to 30 million tons) and exports (+3.5 million tons to 12.5 million tons)," the statement says.
Updated global wheat forecast for 2022/2023 MY implies an increase in production volumes, an increase in consumption and trade volumes, a slight reduction in final stocks.
"The forecast for world wheat production has increased by 8 million tons to a record 779.6 million tons, mainly due to increased production in Russia (+6.5 million tons to 88 million tons), Australia (+3 million tons to 33 million tons) and China (+3 million tons to 138 million tons). At the same time, there will be a reduction in wheat production in India (-3 million tons to 103 million tons) and in the EU countries (-2 million tons to 132.1 million tons). Decline in the EU will take place mainly at the expense of Hungary, Spain and Romania. The forecasted world consumption for 2022/2023 will increase by 4.4 million tons to 788.6 million tons mainly due to greater use by the Russian Federation and Australia," the statement reads.
At the same time, the forecasted reserves at the end of 2022/2023 MY will decrease by 0.2 million tons to 267.3 million tons and remain at the lowest level in the last six years.
"World corn production is expected to decrease by 6.3 million tons to 1,179.6 million tons. It is assumed that the reduction in corn production will occur at the expense of the United States (-3.7 million tons to 364.7 million tons), EU countries (-8 million tons to 60 million tons). This drop will be partially offset by higher production volumes by Ukraine (+5 million tons to 30 million tons), Malawi, the Russian Federation (0.5 million tons to 15 million tons) and Turkey. Regarding corn trade, for 2022/2023, an increase in the export of corn by Ukraine (+3.5 million tons to 12.5 million tons), Serbia, Zambia and the Russian Federation (+1.2 million tons to 4 million tons) is predicted," association notes.
It is also predicted that the final stocks of corn will decrease in 2022/2023 by 6.2 million tons to 306.7 million tons.
As Ukrainian News Agency earlier reported, the Ukrainian Grain Association (UGA) increased the forecast for the grain and oilseed crop this year by 4.4% or 2.9 million tons to 69.4 million tons.
The Ministry of Agrarian Policy and Food maintains the forecast for the harvest of grain and oil crops at the level of 65-67 million tons in 2022.
In 2021, farmers harvested 106 million tons of grain, leguminous and oil crops, which is the largest indicator in the entire history of independent Ukraine.
More than 84 million tons of cereals and legumes were harvested, 22.6 million tons of oil crops.
Source: Ukraine News