U.S. Department of Agriculture slightly raises Ukrainian wheat exports outlook

MOSCOW. Dec 11 (Interfax) - The U.S. Department of Agriculture (USDA) raised its forecast for wheat exports from Ukraine in the July 2024-June 2025 marketing year (MY) by 0.5 million tonnes to 16.5 million tonnes and revised upward the corn production by 0.3 million tonnes to 26.5 million tonnes.

The wheat harvest outlook in Ukraine remained unchanged at 22.9 million tonnes, while its export forecast was raised to 16.5 million tonnes, and ending stocks will be reduced by 0.2 million tonnes to 0.79 million tonnes, Ukrainian media reported, citing the October USDA report.

The global wheat production for 2024-2025 MY is forecast at 792.95 million tonnes, down 1.78 million tonnes from the November forecast. The global wheat exports are also lowered by 1.02 million tonnes to 213.65 million tonnes. The global wheat ending stocks are raised by 0.31 million tonnes to 257.88 million tonnes.

Additionally, the feed wheat production in Ukraine for 2024-2025 MY is increased by 0.82 million tonnes to 33.24 million tonnes, while its exports by 0.1 million tonnes to 25.58 million tonnes, and its carryover by 0.2 million tonnes to 1.47 million tonnes.

At the same time, Ukraine's corn crop outlook was raised by 0.3 million tonnes to 26.5 million tonnes, and its ending stocks by 0.01 million tonnes to 0.64 million tonnes, with its export outlook left unchanged at 23 million tonnes.

The global corn production in 2024-2025 MY is dropped by 1.51 million tonnes to 1.218 billion tonnes, while its ending stocks by 7.7 million tonnes to 296.44 million tonnes. At the same time, the global corn export outlook is raised by 3.21 million tonnes to 193.04 million tonnes.