NEW DELHI, April 11 (Commoditiescontrol) - In its latest April report, the US Department of Agriculture (USDA) has scaled down its forecast for global soybean production estimates in 2022-23 to 369.64 million tonnes, compared to 375.15 million tonnes projected in March 2023.
Global 2022/23 soybean supply and demand forecasts include lower production, crush, and exports.
Global soybean production is reduced 5.5 million tonnes to 369.6 million tonnes. Lower crops for Argentina and Uruguay are partly offset by higher production for Brazil.
Soybean production for Argentina is lowered 6 million tonnes to 27 million tonnes on hot and dry weather conditions through March. Uruguay production is lowered 0.9 million tonnes to 1.2 million tonnes on a lower harvested area and yield.
Partly offsetting is higher production for Brazil which is increased 1 million tonnes to 154 million tonnes on higher area.
Soybean crush is lowered on reduced supplies and slow pace to date for Argentina, China, Bangladesh, Pakistan, and Egypt. Crush for Argentina is reduced 3.3 million tonnes to 32 million tonnes leading to lower product exports.
Partly offsetting is higher crush and higher soybean oil and meal exports for Brazil.
Soybean exports are lowered 0.4 million tonnes to 168 million tonnes mainly on lower exports for Uruguay. Imports are lowered for Bangladesh, Egypt, and Pakistan and raised for Argentina.
Soybean ending stocks are raised fractionally with higher stocks for China and Brazil that are mostly offset by lower stocks for Argentina.
U.S. soybean supply and use forecasts for 2022/23 are unchanged relative to last month.
Soybean and soybean meal prices are also unchanged. The soybean oil price is projected at 64 cents per pound, down 2 cents.
(By Commoditiescontrol Bureau)
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