The US Department of Agriculture (USDA) in its June report has improved the forecast for the export of Ukrainian wheat in the 2021/2022 marketing year (MY, July – June) by 0500000 tons compared to the May forecast – up to 20500000 tons.
It also raised the forecast for the wheat harvest in Ukraine in 2021 by 0500000 tons – up to 29 million tons. The reason for the revision of the forecast is a long period of favorable weather conditions.
At the same time, the USDA kept its forecast for corn exports from Ukraine at 30,500,000 tons, and the harvest at 37,500,000 tons.
Діаграма: Ukrainian Agribusiness Club
There are no reasons for Ukraine to restrict the export of agricultural crops this year, said the Minister of Agrarian Policy and Food Roman Leshchenko on March 19.
Global wheat production this year is expected to hit a record 794.4 million tonnes, up 5.5 million tonnes from the USDA’s previous estimate. The increase in production will occur mainly due to the EU countries, Russia and Ukraine.
The USDA also predicts an increase in world wheat consumption by 2,400,000 tons to a record 791,100,000 tons. The increase in consumption will be due to an increase in the use of wheat as animal feed.
Context. In March, the Ministry of Economy predicted the grain harvest this year at 75 million tons.
From the beginning of 2020/2021 MY and as of June 11, Ukraine exported 42,940,000 tons of grain and leguminous crops, which is 22.4% less than on the same date of the previous MY. 16,110,000 tons of wheat and 21,970,000 tons of corn were exported.