The US updated its forecast for the export of Ukrainian wheat.

USDA published the global forecast for agricultural commodity balance

The United States Department of Agriculture (USDA) has released a new forecast regarding the balance of major agricultural crops worldwide for the marketing year 2024/2025.

According to USDA, wheat production in Ukraine will remain at 22.9 million tons, while exports will increase by 0.5 million tons to 16.5 million tons. As for corn, production will increase by 0.3 million tons to 26.5 million tons, while exports will remain at 23.0 million tons.

The forecast for the global wheat market for the 2024/2025 marketing year anticipates a decrease in production, consumption, and trade, as well as an increase in ending stocks.

Wheat production will decrease by 1.8 million tons to 793.0 million tons, primarily affecting the European Union and Brazil. Exports will decline by 1.0 million tons to 213.7 million tons, especially due to the European Union and Russia, while stocks will rise by 0.3 million tons to 257.9 million tons.

Updated forecasts for the global corn market for the 2024/2025 marketing year anticipate a decrease in production, an increase in trade, and a reduction in stocks.