USDA forecasts a soybean glut and prices indicate $8.35/bu
Caio Alves
Published 2020년 8월 21일
The United States Department of Agriculture (USDA) revised upward the country's soybean crop expectation, from 112.54 million to 120.42 million tons. The data is in the Monthly World Supply and Demand Report for August, released this Wednesday (12/8) by the institution. The number is 24.55% higher than estimated for the 2019/2020 harvest, which was 96.68 million tons.
The new estimates also indicate a prospect of greater demand for American soybeans in the 2020/2021 cycle. The forecast for domestic consumption of the grain was revised from 62.46 million to 63.14 million tons and that of exports went from 55.79 million to 57.83 million tons. The estimate of final stocks for the United States harvest was revised from 11.56 million to 16.59 million tons.
Anec reduces soybean export expectations in August to 6.477 million tons
Soy commercialization remains above historical average, and the changes in the outlook for US soybeans for 2020/2021 consider smaller initial stock and higher production, crushing, export and final stocks. Initial inventories were reduced with a small increase in crushing in 2019/2020 informs the USDA, in the report.
According to the technicians, the projection for the production of the grain considered the forecast of greater productivity, since the perspective of the area to be harvested has not changed in relation to that disclosed in July. In view of the scenario, the USDA reduced the average price projection for American soybeans by US $ 0.15 in the 2020/2021 season, compared to the report a month ago. The projected value was now $ 8.35 per bushel.
The new estimates also indicate a prospect of greater demand for American soybeans in the 2020/2021 cycle. The forecast for domestic consumption of the grain was revised from 62.46 million to 63.14 million tons and that of exports went from 55.79 million to 57.83 million tons. The estimate of final stocks for the United States harvest was revised from 11.56 million to 16.59 million tons.
Anec reduces soybean export expectations in August to 6.477 million tons
Soy commercialization remains above historical average, and the changes in the outlook for US soybeans for 2020/2021 consider smaller initial stock and higher production, crushing, export and final stocks. Initial inventories were reduced with a small increase in crushing in 2019/2020 informs the USDA, in the report.
According to the technicians, the projection for the production of the grain considered the forecast of greater productivity, since the perspective of the area to be harvested has not changed in relation to that disclosed in July. In view of the scenario, the USDA reduced the average price projection for American soybeans by US $ 0.15 in the 2020/2021 season, compared to the report a month ago. The projected value was now $ 8.35 per bushel.
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