The import of corn to the European Union from third countries in 2023/24 will amount to 17,5 million tons, which is 33% less than the previous season (26,1 million tons).

The reduce is explained by several factors. First, grain production in the EU has increased significantly this season and is estimated at approximately 62,3 million tons, which is 17% more than the previous season (53,1 million tons). Secondly, it is expected that the final corn balance in the EU will reduce to 19,2 million tons by the end of 2023/24, which is 6% of the previous year's figure.

However, the estimate of domestic grain consumption remains practically unchanged, amounting to 100,1 million tons compared to 99,4 million tons in 2022/23 (an increase for 1%).

The European Commission also mentions that the main part of corn import this season comes from Ukraine. According to the agency, from July 1, 2023 to February 26, 2024, more than 7,3 million tons of grain were imported from Ukraine, which is 63,5% of the total volume of import for this period (11,5 million tons).

Thus, by the reporting date, the EU had already imported 66% of the projected volume of corn, and almost 42% of the import for the season was provided by Ukrainian products.

More details: http://surl.li/rirtg