MUMBAI, April 20 (Commoditiescontrol): The International Grains Council (IGC) has announced that it is raising its global soybean production forecast for the 2023/2024 season by 2 million tons to 401 million tons. The announcement came as part of the council's latest monthly report, raising the forecast for global soybean consumption in 2023/2024 from 1 million tons to 389 million tons. In addition, the council raised the forecast for global soybean carryover stocks in 2023/2024 by 4 million tons to 60 million tons.
The council also updated its forecast for global corn production, predicting an increase of 6 million tons to 1.208 billion tons for 2023/2024. Global corn consumption in 2023/2024 is expected to increase by 4 million tons to 1.202 billion tons, while global corn carryover inventory in 2023/2024 is expected to increase by 3 million tons to 264 million tons.
The IGC's report also included an update on the 2022/23 season soybean market. The report notes that world soybean output is forecast to expand by 4% year-over-year, thanks to a huge crop in Brazil. While record uptake is seen in some key consumers, a sharp contraction in Argentina means that utilization is expected to remain steady year-over-year at 366 million tons. Trade is forecast to expand solidly by 8% year-over-year.
The report predicts that, with gains expected for the three major soybean-producing countries, a record world outturn is foreseen in 2023/24. Total use is projected at a new high on gains in Asia and the Americas. Stock accumulation is anticipated, while trade could advance to a new peak. The IGC's latest report indicates positive news for the global soybean and corn markets in the coming seasons.
(By Commoditiescontrol Bureau; +91-9820130172)
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