Ukraine: The forecasts for growing wheat in the current MY increased

Analysts increased forecasts for wheat production in the world during the current marketing year by 1.8 million tons. Earlier this figure was 755.21 million tons, now the forecasts reached the level of 757.01 million tons.

Such data was provided by the Ministry of Agriculture of America.

If we compare this indicator with the indicator of the previous marketing year, the increase will be 6.57 million tons. In the previous marketing year, world wheat production reached a level of 750.44 million tons.

It should be noted that the forecasts for wheat production in Ukraine remained at the same level and amount to 26.5 million tons, while the forecasts for export of this crop remain at the level of 17 million tons.

Also, according to forecasts of analysts, wheat export in the world during the current marketing year will reach the level of 180.85 million tons, which is 1.3 million tons less than the forecast for December 2017.

It should be recalled that during the first six months of the current marketing year, 21.32 million tons of grain crops were exported from Ukraine, which is 10% lower than the same indicator for the same period.

Forecasts for the cultivation of wheat this year have increased, which is good news for the agricultural industry. Experts note favorable conditions for crop growth, including optimal rainfall and temperature conditions. At the same time, the increase in forecasts may become an incentive to increase the volume of production and export of grain crops.

According to the latest data, forecasts for wheat production in the current marketing year have increased by several percent compared to previous forecasts. This indicates that the agricultural sector is showing positive dynamics and continues to develop in the right direction.

An increase in the wheat harvest may have a positive impact on the export of grain crops. Ukraine is one of the largest grain exporters in the world, and an increase in wheat production could lead to additional export volumes. This, in turn, can have a positive impact on the country’s economy and improve the financial condition of agricultural enterprises.