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USDA Dec WASDE trims 2023-24 global soybean crop forecast to 398.88 million tonnes

8 Dec 2023 11:59 pm
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NEW DELHI, Dec 8 (Commoditiescontrol) - In its latest December report, the US Department of Agriculture (USDA) has scaled down its forecast for global production estimates in 2023-24 to 398.88 million tonnes, compared to 400.42 million tonnes projected in November 2023.

Global oilseed production for 2023/24 is projected at 661.0 million tonnes, down 0.5 million tonnes from last month. Lower soybean and sunflower seed production are partly offset by higher rapeseed production.

Soybean production is lowered 1.5 million tonnes mainly on lower production for Brazil, reduced 2 million tonnes to 161.0 million tonnes reflecting hot and dry conditions in southern Mato Grosso and northeast Brazil.

Partly offsetting is higher soybean production for Canada and Russia. Sunflower seed production is reduced for Argentina on lower harvested area.

Global rapeseed production is raised 1.4 million tonnes to 87.0 million tonnes on higher production for Canada and Australia guided by recent government reports.

The global 2023/24 soybean outlook includes higher beginning stocks, lower production, increased exports, and slightly lower ending stocks. Beginning stocks are raised mainly on a 2.0-million-tonnes increase to 160.0 million tonnes for Brazil’s 2022/23 production based on higher-than-expected use through November.
Increased supplies and early exports in the 2023/24 marketing year (starting October 2023) led to a 2.0-million-tonnes increase to Brazil’s exports. China’s imports are also raised 2 million tonnes to 102 million tonnes on strong early season shipments by major exporters. Global soybean ending stocks are reduced slightly as higher stocks for China are offset by lower stocks for Brazil.

Total U.S. oilseed production for 2023/24 is forecast at 121.5 million tonnes, down slightly due to a reduction for cottonseed. Soybean supply and use projections for 2023/24 are unchanged from last month. The U.S. season-average soybean price forecast is unchanged at $12.90 per bushel. The soybean meal price forecast is increased $10.00 to $390.00 per short ton. The soybean oil price is forecast at 57 cents per pound, down 4 cents.
(By Commoditiescontrol Bureau)

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