USDA again lowers forecast for Ukraine's wheat harvest and exports

MOSCOW. June 13 (Interfax) - The U.S. Department of Agriculture (USDA) has lowered the forecast for Ukraine's wheat harvest in the current agricultural year from July 2023 to June 2024 by 1.5 million tonnes, or 8.5%, to 19.5 million tonnes owing to the dry weather, Ukrainian media reported, citing the latest USDA overview.

The USDA has also lowered the outlook for Ukraine's wheat exports by 1 million tonnes to 13 million tonnes and closing stocks by 100,000 tonnes to 960,000 tonnes compared to the May forecast.

The USDA projects the country's corn harvest to total 27.7 million tonnes, up 2.6%, or 700,000 tonnes more than the previous outlook. The department has increased the forecast for corn exports by 500,000 tonnes to 24.5 million tonnes, and expects closing stocks to be within 1.48 million tonnes.