Analyst APK-Inform raised its forecasts for Ukraine's 2022/23 grain crop and exports because of a better-than-expected corn harvest.
The consultancy said in a statement that Ukraine could harvest 52.4 million tonnes of grain in 2022, including almost 18.2 million tonnes of wheat and 27.7 million tonnes of corn.
APK-Inform said 2022/23 exports could also rise to 40.6 million tonnes versus the previous outlook of 39.4 million tonnes.
Global Grain Grower And Exporter
Ukraine, a major global grain grower and exporter, harvested a record 86 million tonnes of grain in 2021. It included 42.1 million tonnes of corn and 32.2 million tonnes of wheat.
The Ukrainian government said this year that the harvest could fall to about 65 million tonnes of grain and oilseeds from 106 million tonnes in 2021 due to the Russian invasion.
Reduced Sowing Area
Farmers have reduced the sowing area by around 25% due to hostilities in some regions and the grain production could reach 48 million to 50 million tonnes, with exports seen at 30 million tonnes in the 2022/23 season, which runs from July to June.
The fall in production and in exports has stoked fears of a global food crisis and the war, together with Western sanctions against Russia, have sent the price of grain, cooking oil, fertiliser and energy soaring.
Earlier, data from the agriculture ministry unveiled that Ukrainian grain exports fell by 55.5% in the first 20 days of June compared with the same period in 2021, to 777,000 tonnes.
The volumes included 689,000 tonnes of corn, 63,000 tonnes of wheat and 21,000 tonnes of barley.
News by Reuters, edited by ESM – your source for the latest supply chain news. Click subscribe to sign up to ESM: European Supermarket Magazine.