USDA raises global soybean production forecast but lowers canola crop forecast for 2024/25 MY

Published 2024년 12월 12일

Tridge summary

The USDA has increased its global oilseed production forecast for 2024/25 MY to 683.38 million tons, up from 657.49 million tons in 2023/24 MY, driven by higher soybean and cotton production. Soybean production is expected to rise by 1.74 million tons, while cotton production is expected to increase by 0.5 million tons. This offsets a reduction in rapeseed production by 1.06 million tons. The report also indicates an increase in global ending stocks. Chicago soybean futures for January rose by 0.5%. In contrast, the global rapeseed production forecast for 2024/25 MY has been reduced to 86.18 million tons, and global sunflower production has been increased to 50.512 million tons, with unexpected increases in production for Ukraine and the Russian Federation. The report also highlights a decrease in the forecast for global sunflower ending stocks.

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

Original content

In the December supply and demand report, USDA experts increased the forecast for global oilseed production in 2024/25 MY by 1.16 to 683.38 million tons (657.49 million tons in 2023/24 MY), in particular soybeans by 1.74 million tons and cotton by 0.5 million tons, which compensates for the reduction in rapeseed production by 1.06 million tons. This is reported by GrainTrade. Compared to the November estimates, the new soybean balance for 2024/25 MY has undergone the following changes: • The estimate of opening stocks has been reduced by 0.26 to 112.16 million tons (101 million tons in 2023/24 MY).• The forecast of world production has been increased by 1.74 to 427.14 million tons (394.87 million tons in 2023/24 MY and 378.4 million tons in 2022/23 MY), in particular for Argentina - by 1 to 52 (48.2) million tons. For Brazil, the estimate has been left at 169 million tons, although local agencies have already increased their forecasts to 170-172 million tons. • The estimate of ...

Source: Agrobusiness