NEW DELHI, Nov 9 (Commoditiescontrol) - In its latest November report, the US Department of Agriculture (USDA) has further scaled down its forecast for global ending stocks estimates in 2023-24 to 114.51 million tonnes, compared to 115.62 million tonnes projected in October 2023.
The global 2023/24 soybean supply and demand forecast includes lower beginning stocks, higher production, higher crush, and lower ending stocks.
Beginning stocks are reduced 1.6 million tonnes, reflecting offsetting back-year balance sheet revisions for China and Brazil. China’s beginning stocks are reduced on lower soybean imports for 2021/22 and 2022/23 and higher crush for 2022/23.
Conversely, Brazil’s beginning stocks are increased on a larger 2022/23 crop of 158 million tonnes due to higher-than-expected use to date.
Global 2023/24 soybean production is raised 0.9 million tonnes to 400.4 million, mainly on higher production for Russia, Ukraine, and the United States.
Global soybean crush is raised on higher crush for China and Russia.
Global soybean ending stocks are reduced 1.1 million tonnes as higher stocks for Brazil and the United States are more than offset by lower stocks for China.
The U.S. soybean outlook for 2023/24 includes increased production and ending stocks. Soybean production is forecast at 4.13 billion bushels, up 25 million on higher yields. The largest production changes are for Wisconsin, Tennessee, North Dakota, South Dakota, and Ohio.
With crush and exports unchanged, soybean ending stocks are raised to 245 million bushels.
The U.S. season-average soybean price for 2023/24 is forecast at $12.90 per bushel, unchanged from last month.
The soybean oil price is reduced 2 cents to 61 cents per pound. The soybean meal price is unchanged at $380.00 per short ton.
(By Commoditiescontrol Bureau)
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