According to the updated USDA forecast, Ukraine's wheat production figures will remain unchanged at 19.5 million tons in 2022/23 MY, while wheat exports will increase by 1 million tons to 11 million tons. As for corn, Ukraine will significantly increase both production (+5 million tons to 30 million tons), and export (+3.5 million tons to 12.5 million tons).
The updated world wheat forecast for 2022/23 MY assumes an increase in production, growth in consumption and trade, and a slight decrease in ending stocks.
The global wheat production forecast is increased by 8 million tons to a record 779.6 million tons, mainly due to increases in production in Russia (+6.5 million tons to 88 million tons), Australia (+3 million tons to 33 million tons) and China. (+3 mln t to 138 mln t). At the same time, there will be a reduction in wheat production in India (-3 million t to 103 million t) and in the EU (-2 million t to 132.1 million t). The reduction in the EU will be mainly due to Hungary, Spain and Romania.
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