Ukraine welcomes the updated forecasts from the U.S. Department of Agriculture (USDA), which foresee a significant increase in both wheat exports and production during the 2023/24 marketing year.

According to the USDA forecast, Ukrainian wheat exports will increase by 1.5 million tons, reaching an impressive 14 million tons in the current marketing year. As for production, it is expected to increase by 0.9 million tons to a total of 23.4 million tons.

It is important to note that the forecasts for Ukrainian corn production and exports remain unchanged at 30.5 million tons and 21 million tons, respectively.

At the same time, there is a positive growth in global wheat consumption and trade. Global wheat consumption is expected to increase by 1.8 million tons to an impressive 796.5 million tons. This increase is mainly driven by the increased use of the grain in feed in India and the European Union.

Global wheat trade is also expected to show positive developments, increasing by 2.4 million tons to 209.5 million tons, driven by higher exports from Ukraine, Russia, Australia and Canada, which offset a decline in exports from the European Union.

Projected ending stocks of wheat for the 2023/24 marketing year will also increase by 1.8 million tons to an impressive 260 million tons, driving the dynamics of this important crop.