The Ukrainian Grain Association (UGA) has released a report raising the projected grain and oilseed production in Ukraine for 2023 to 81.6 million tons. This is an increase of 1.1 million tons from earlier projections and a 10.6% rise from the production of 73.8 million tons in 2022.

The increase in yield can be attributed to favorable weather conditions, which has resulted in higher crop yields per unit area, especially for corn and sunflower seeds.

The association expects Ukraine's grain and oilseed exports to reach close to 50 million tons in 2023/24 (July-June), which is higher than the previous year's export volume of 58 million tons.

UGA stated that only Ukraine can export through Black Sea ports, and it is expected that the logistics costs of alternative routes, such as the Danube, will decrease in order to meet the export expectations for 2023/24.