In its August forecast, the US Department of Agriculture improved the forecast for Ukraine’s wheat harvest in the current marketing year from 17.5 to 21 million tons, and corn – from 25 to 27.5 million tons due to larger than expected sown areas, and the second highest harvest in history by yield.
At the same time, it is noted that due to the suspension of the Black Sea Grain Initiative, the export forecast has remained unchanged – 10.5 and 19.5 million tons, respectively. As a result, the USDA raised its domestic consumption forecast for wheat from 7.1 to 8.1 million tons and the transitional balances at the end of the marketing year from 1.59 to 4.13 million tons. Whereas for corn, the entire forecast for crop growth is balanced by an increase in expected transitional residues.
The American agency increased the forecast for the harvest of fodder grain in Ukraine from 31.47 to 33.97 million tons, estimating its export at 21.37 million tons and increasing the projection of transitional balances from 2.27 to 4.77 million tons.