Corn and soybeans: USDA's first global projections for the 2023/2024 season

Published 2023년 5월 17일

Tridge summary

The article reports on the anticipated increase in global production, trade, and stock levels of corn and soybeans for the 2023/24 season, driven by higher production in the United States, Brazil, Argentina, and the European Union, and increased imports by China. Specifically, global corn production is expected to rise by 6.0% to 1219.6 million tons, with the United States and China increasing their harvests. Meanwhile, global soybean production is projected to increase by 10.8% to 410.6 million tons, led by Brazil, Argentina, and Paraguay. Export activity is anticipated to grow, with the United States and Argentina experiencing increases in soybean exports, while China's soybean imports are expected to reach 100 MT. Finally, global oilseed inventories are predicted to rise, with the United States, Argentina, and Brazil contributing to this increase.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

For this new cycle, the entity foresees a significant increase in production, international trade and ending stocks worldwide. This would be supported by increased production in the US and Brazil, as well as recovery in crop levels in Argentina and the European Union. Likewise, the increase in corn and soybean imports by China would be a key factor in the dynamics of the world market for these raw materials. Highlights of the latest cereal and oilseed estimates released by the USDA on May 12 are presented. World corn production for the new 2023/24 season is expected to reach 1219.6 million tons (Mt), an increase of 6.0% compared to the 2022/23 season (1150.2 Mt). For the United States, production would be around 387.7 Mt, an increase of 11.2% compared to the previous season (348.8 Mt), while China would increase its harvest by 1.0%, reaching 280, 0 Mt. The European Union would grow 21.4% with 64.3 MT, while Ukraine, with 22.0 MT, would show a fall of 18.5%. Production in Brazil ...

Source: 3tres3