Ukraine's Corn Crisis: 2024 Harvest Forecast Falls Amidst Drought

Ukraine's corn harvest in 2024 might drop to between 20 and 21 million metric tons due to prolonged drought conditions, as opposed to 30 million tons in 2023. July's abnormal heatwave is expected to lower yields by around 30%, with forecasts differing among the farm ministry, analysts, and the USDA.

Ukraine's corn harvest in 2024 is projected to fall to between 20 and 21 million metric tons from approximately 30 million tons in 2023 if drought conditions persist, the Ukrainian Agrarian Council disclosed to Reuters on Wednesday.

In July, most of Ukraine endured an abnormal heatwave, which producers anticipate will reduce the yield of late crops by around 30%. A senior industry official mentioned on Tuesday that the farm ministry is forecasting the 2024 corn crop at about 25 million tons.

The ministry intends to release its new crop forecast in September. Analysts and traders have predicted the corn output to be between 23 and 25 million tons, whereas the USDA's August report estimated production at over 27 million tons. "It is very likely that the USDA did not take into account the negative impact of the weather on the Ukrainian corn crop," stated the Agrarian Council. Ukrainian farmers are expected to commence the corn harvest late in August.

(With inputs from agencies.)