Ukraine will reduce wheat and corn exports in 2023/24 FY

According to estimates of the Ministry of Agrarian Policy of Ukraine, grain exports in the 2023/24 season may drop to 26 million tons as a result of a significant reduction in production due to the invasion of the Russian Federation, said First Deputy Minister T. Vysotskyi.

He said that the ministry is leaving the forecast for the grain harvest in 2023 at the level of 44 million tons, despite the unfavorable weather in Ukraine. Rains and low temperatures in April practically stopped sowing, which farmers were able to resume only in May. Therefore, up to 0.5 million hectares may remain unsown with spring crops due to the completion of optimal sowing dates.

Thanks to abundant rainfall, the ministry increased the forecast for wheat production in 2023 from 16.6 to 17 million tons, of which 9 million tons can be exported. However, given the significant transitional stocks, wheat exports in 2023/24 may reach 11-12 million tons .

At the same time, due to rainy weather and the delay of spring work, the corn sowing area may decrease by 10% compared to the first forecasts to 3.5-3.6 million hectares, so the harvest will decrease to 22 million tons, of which approximately 15 million tons can be exported.