Heat and drought will affect world corn production, particularly in Europe and the United States, an effect that will be partially offset by Russia and Ukraine, according to forecasts by the United States Department of Agriculture (USDA) published this Friday.
The traditional USDA Wasde report expects 1,179.6 million tons of cereal in the 2022-2023 campaign, compared to US$ 1,185.9 million that was predicted a month ago.
In the United States in particular,yields are weaker than expected”, highlighted Dewey Strickler of Ag Watch Market Advisors. US production should be around 364.7 million tons.
In Europe it would be 60 million and the old continent will need to import 19 million tons.
“The weather dictated these production drops in Europe and the United States and it was to be expected. There were record temperatures in Europe and in the American plains”, large producing regions in the country, said Jason Roose, of US Commodities.
In contrast, the report significantly increased the estimate for maize production in Ukraine (+5 million tons over the previous report). The country should thus be able to export some 12.5 million tons of corn.
In the case of wheat, Russia will become the main exporter in this harvest, with a production of 88 million tons, according to the USDA.
The Russians will be able to export 42 million tons, estimated Gautier Le Molgat, an analyst at Agritel.
Globally, world wheat production will grow to 779.6 million tons, also thanks to Australia, Canada and China, which does not export.
In the case of soybeans, the forecast is for a small increase in production, to 392.8 million tons.