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Foreign supplies of corn from Ukraine can reach 29 million tons

Foreign supplies of corn from Ukraine can reach 29 million tons

Foreign supplies of corn from Ukraine can reach 29 million tons

According to USDA experts, foreign supplies of corn from Ukraine can reach 29 million tons, which is by 500 thousand tons more than it was forecast earlier.

Such information was provided by UkrAgroConsult.

In general, experts predict a decrease in the level of grain production in the Black Sea region by 0.5%. Now the production level is estimated at 186.5 million tons.

USDA experts also predict an increase in grain production in Russia. Thus, an increase in the production of wheat and barley is expected by 100 thousand tons of each crop, and an increase in the production of corn will amount to 200 thousand tons.

Ukraine is one of the world’s largest producers of corn and exports its product to various countries, including Europe and Asia. According to analysts’ forecasts, Ukraine’s corn export could reach a record-breaking 29 million tons in 2019. Japan, Egypt, and Spain are the main buyers of Ukrainian corn. The increase in corn exports could be a significant factor for the development of Ukraine’s economy since grain crops are one of the country’s key industries. However, the increase in exports may lead to higher corn prices in the domestic market, which could negatively affect livestock and poultry production. Nevertheless, Ukraine must maintain competitiveness in the global grain market, so it is necessary to continue developing the production of high-quality corn and improving its export potential.