Wheat production and export forecast
According to USDA report for February, global wheat forecasts for 2022/23 predict an increase in production, trade and ending stocks. Thus, world wheat production can reach the level of 783.8 million tons, which is 2.5 million tons more than in the previous month’s forecast. In particular, Australia will harvest a larger crop — 38 million tons, which will be a record production for the country. Growth is also expected for Russia and Brazil.
World trade increased by 1.3 million tons to 212.9 million tons thanks to increased exports by Australia, Ukraine, the EU and Russia.
End stocks forecast for 2022/23 increased by 0.9 mln t to 269.3 mln t due to increases in Australia and China, which covers the reduction for Ukraine.
Wheat forecasts for Ukraine:
Production — 21 million tons (at the level of the previous forecast);
Export — 13.5 million tons (↑0.5 million tons);
End stocks — 4.21 million tons (↓0.5 million tons).
Corn production and export forecast
In a new report, USDA experts predict a decrease in the world corn harvest in 2022/23 by 4.5 million tons to 1,155.36 million tons.
Major global trade changes for FY 2022/23 include increases in corn exports for Brazil, Ukraine, Paraguay, Turkey and Indonesia, with decreases for Argentina.
Corn imports forecast for 2022/23 increased for the EU, which partially covers reductions for Indonesia and Malaysia.
For Ukraine, the corn harvest forecast in 2022/23 is at the level of 27 million tons. At the same time, exports should increase by 2 million tons to 22.5 million tons.
Import/Export Statistics
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