NEW DELHI, Mar 8 (Commoditiescontrol) - In its latest March 2024 report, the US Department of Agriculture (USDA) has scaled down its forecast for global soybean production in 2023-24 to 396.85 million tonnes, compared to 398.21 million tonnes projected in February 2024.
Global soybean production is reduced 1.4 million tonnes on lower production for Brazil and South Africa.
Global 2023/24 soybean supply and demand forecasts include lower beginning stocks, lower production, lower crush, higher exports, and lower ending stocks compared to last month.
Beginning stocks are lowered 1.4 million tons mainly on historical crush and import revisions for China. Soybean crush for China is raised for 2020/21 to 2022/23 based on a review of in-country estimates and supplies.
Soybean imports for China for 2022/23 are also raised to reflect shipping data by major exporters.
Global soybean production for 2023/24 is reduced on lower production for Brazil and South Africa. Soybean production for Brazil is lowered 1.0 million tons to 155 million on harvest results in Parana and poor weather conditions in São Paulo offset by favorable conditions in the north and Rio Grande do Sul.
South African soybean production is lowered 0.4 million to 2.1 million on lower yield prospects.
Global crush is reduced for Brazil and South Africa on lower supplies, and lower for Ukraine on higher soybean exports.
Global soybean exports are raised 3.0 million tons on higher shipments to date from Brazil and Ukraine. Soybean imports are raised on higher imports for China, which are now 0.5 million tons higher than the prior marketing year’s revised estimate.
Global soybean ending stocks are lowered 1.8 million tons to 114.3 million on lower stocks for Brazil that are partly offset by higher Chinese stocks.
Global 2023/24 oilseed production is reduced 0.7 million tonnes to 658.7 million tonnes, on lower soybean and sunflowerseed production partly offset by higher rapeseed.
Sunflowerseed production is reduced on lower output for South Africa. Rapeseed production is increased on higher output for India, Russia, and Ukraine.
The outlook for U.S. soybean supply and use for 2023/24 is unchanged this month. While soybean crush is unchanged, the soybean meal extraction rate is increased slightly, and higher soybean meal exports are mostly offset by lower domestic use.
The U.S. season-average soybean price and the soybean meal price forecasts are unchanged for 2023/24. The soybean oil price is reduced 2 cents to 49 cents per pound.
(By Commoditiescontrol Bureau)
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