US analysts’ lower forecasts for wheat production in Ukraine.

The US Department of Agriculture (USDA) has revised its forecast downward for global wheat production for the 2022-23 marketing year. In Ukraine, the adjustment to the previous estimates amounted to a projected total of two million tons less than previous estimates. In the July report, USDA analysts lowered the forecast for world wheat production in the 2022/23 marketing year to 771.6 million tons, compared to the 773.4 million tons forecast previously, which is also less than the result of last season’s 779 million tons. Downward adjustments were made for Argentina to 19.5 from 20 million tons, the EU – to 134.1 from 136.1 million tons, and Ukraine to 19.5 from 21.5 million tons. At the same time, the harvest forecast was increased in Canada, Russia, and the USA. According to analysts, the anticipated world wheat exports in the 2022-23 marketing year increased to 206.6 million tons against the 205.4 million tons in the June forecast.