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NEW DELHI, June 9 (Commoditiescontrol) - In its latest June report, the US Department of Agriculture (USDA) has scaled up its forecast for global soybean ending stocks estimate in 2023-24 to 123.34 million tonnes, compared to 122.50 million tonnes projected in May 2023.
The 2023/24 global soybean outlook includes higher beginning stocks, lower crush, and higher ending stocks.
Higher beginning stocks for the United States and Brazil are partly offset by lower stocks for Argentina. The stock revisions reflect 2022/23 production changes for Brazil, up 1 million tonne to 156.0 million tonnes, and Argentina, down 2 million tonnes to 25 million tonnes.
Global crush for 2023/24 is lowered on lower crush for Argentina.
Global 2023/24 ending stocks are increased 0.8 million tonnes to 123.3 million tonnes with higher stocks for the United States, Brazil, and the EU, which are partly offset by lower stocks for Argentina and Vietnam.
Other notable 2023/24 oilseed changes include higher rapeseed production for the EU that is partly offset by lower production for Australia. Malaysian palm oil production is reduced for 2022/23 based on lower-than-expected monthly production estimates for March and April.
This month’s U.S. soybean supply and use projections for 2023/24 include higher beginning and ending stocks.
Higher beginning stocks reflect reduced exports for 2022/23, down 15 million bushels to 2 billion bushels based on lower-than-expected shipments in May and competition from South America.
With increased supplies for 2023/24 and no use changes, soybean ending stocks are projected at 350 million bushels, up 15 million bushels. The soybean price is forecast at $12.10 per bushel, unchanged from last month.
(By Commoditiescontrol Bureau)
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