USDA projects ample corn crop in Ukraine
In the August report, USDA analysts project a record corn harvest in Ukraine. Crop yield forecast growth was facilitated by the increase of planting areas and change of weather conditions in Ukraine. Thus, analysts note that due to the temperature decrease and rainfalls the crop yield is expected to be higher.
The crop forecast grew by 2.5 million tons from 34 million tons to 36.5 million tons compared to the July report. Thus, the forecast for corn exports improved from 28 million tons to 30 million tons.
Analysts also noted that the expected increase in exports of this grain crop from Ukraine, Brazil and Argentina would affect the competitiveness of grain from the United States.
USDA experts revised upward the forecast for corn production in the US in 2019/20 by 0.65 million tons to 353.09 million tons vs. the July forecast.