In 2024/25, Spain will remain one of the main export destinations of Ukrainian wheat and corn

"In 2024/25, Spain will remain one of the key sales destinations for Ukrainian wheat and corn," Barva Invest's operating partner B. Kostetskyi said, speaking at the Trend & Hedge Club.

"In 2023/24 FY, Spain significantly increased imports of Ukrainian wheat, and may remain one of its main buyers in the new season, although it will reduce demand, as it will increase its own production. We forecast that Ukraine will export about 4 million tons of wheat to Spain in 2024/25 compared to 5.9 million tons in 2023/24," B. Kostetskyi said.

He also noted a significant increase in the 2023/24 financial year of corn exports from Ukraine to Spain, which harvested a small crop of grain and needed an increase in imports to meet the needs of the rapidly developing livestock industry. "We believe that in 2024/25 the demand for Ukrainian corn from Spain will remain high, as the own harvest may not be sufficient," the expert added.

According to forecasts of Barva Invest, in 2024/25, Ukraine will reduce the export of grain and oil crops compared to the previous season from 61.7 to 46.2 million tons, as their production will decrease by 10.9 million tons to 71.7 million tons.

"Initially, we estimated the harvest of grain and oil crops at 79.8 million tons, that is, 3 million tons less than in 2023, but due to unfavorable weather, production will decrease by another 9-10 million tons. The corn crop, which was initially estimated, will be the most affected at 28-29 million tons, currently it is forecast at the level of 24.5 million tons, and in fact it can be 22.5-23.5 million tons," the expert explained.