NEW DELHI, June 12 (Commoditiescontrol) - In its latest June 2024 report, the US Department of Agriculture (USDA) has revised downwards its global soybean ending stocks forecast in 2024-25 at 127.90 million tonnes, compared to 128.50 million tonnes projected in May 2024.
The 2024/25 global soybean outlook includes lower beginning and ending stocks. Higher beginning stocks for the U.S. are offset by lower stocks for Brazil and Paraguay.
Brazil’s stocks are lowered on a downward revision to 2023/24 production, down 1 million tonnes to 153 million tonnes, reflecting further in-country assessments of flooding in Rio Grande do Sul by Brazil’s state agency Emater.
Paraguay’s 2024/25 beginning stocks are lowered on higher exports for the prior marketing year.
Global soybean ending stocks are estimated lowered by 0.6 million tonnes to 127.9 million tonnes.
Global oilseed production for 2024/25 is lowered 1.3 million tonnes to 685.8 million tonnes mainly on lower rapeseed production for Australia and the European Union. Rapeseed production is
lowered for Australia on lower harvested area while production in the EU is lowered on a
reduced yield for France.
The 2024/25 outlook for U.S. soybeans includes higher beginning and ending stocks.
Higher beginning stocks reflect reduced crush for 2023/24, down 10 million bushels on lower soybean meal domestic use that is partly offset by higher exports.
Soybean oil domestic use is also lowered for 2023/24 and partly offset by higher exports. With increased supplies for 2024/25 and no use changes, soybean ending stocks are projected at 455
million bushels, up 10 million bushels.
The soybean price is forecast at $11.20 per bushel, unchanged from last month. Soybean meal and oil prices are also unchanged, at $330 per short ton and 42 cents per pound, respectively.
(By Commoditiescontrol Bureau)
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