The USDA lowered its global soybean crop forecast, but raised its forecast for canola production

In the January report, USDA experts almost did not change the forecast of world production of soybeans, as the decrease in the harvest in Brazil was compensated by its increase in Argentina, the United States, China, the Russian Federation, Bolivia and Paraguay. In comparison with the December estimates, the January soybean balance for 2023/24 MR has undergone the following changes: According to the report, March soybean futures on the Chicago Stock Exchange fell by 1% to $453.5/t (-7.1% compared to the data after the December report). USDA experts increased the forecast of world rapeseed production in 2023/24 MR by 0.1 to 87.1 (88.82) million tons, but left the export estimate unchanged. The forecast of world production of sunflower in 2023/24 MR was reduced by 1.26 to 55.54 (52.38) million tons, in particular for Argentina – by 0.2 to 4.3 million tons, the EU – by 0.45 to 10, 2 million tons, the Russian Federation - by 0.4 to 17.1 million tons (although Rosstat estimates the ...