USDA lowers 2022/23 U.S. stocks and Argentine soybean crop forecasts

Published 2023년 3월 16일

Tridge summary

The USDA's March report showed minor adjustments to US soybean stocks and the Argentine crop, in line with market expectations. The US soybean crop is expected to produce 4.276 billion bushels or 116.38 million tons, with a yield of 49.5 bushels per acre. The USDA also increased the global soybean production projection to 375.15 million tons, but reduced the ending stocks estimate to 100.01 million tons from 102.03 million tons in January. The report also noted a decrease in Argentine production from 41 to 33 million tons.

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

Original content

The March report by the United States Department of Agriculture (USDA), released on the 8th, did not bring major surprises to the market, with little impact on Chicago. USDA brought negative adjustments to US stocks and the Argentine crop, confirming the bias expected by market players. USDA indicated that the US soybean crop is expected to hit 4.276 bln bushels in 2022/23, equivalent to 116.38 mln tons. The yield was indicated at 49.5 bushels per acre, in line with the February indications. US ending stocks are now projected at 210 mln bushels or 5.72 mln tons, up from 225 mln bushels in February – 6.13 mln tons. The market was betting on carryover stocks of 219 mln. USDA indicated the crush at 2.220 bln bushels (60.42 mln tons), down from February’s estimate of 2.230 bln. The estimate for exports was raised to 2.015 bln bushels (54.84 mln tons). With regard to the global picture, USDA now projects the world soybean production in 2022/23 at 375.15 mln tons. In February, the ...

Source: UkrAgroConsult